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What is Tax Implications of Political Contributions about?

1) Petitioners contributed money to the campaign fund of a senator running for office without any consideration. 2) The Court ruled this was a taxable gift under the Civil Code definition, as there was donation of property, increase in patrimony of donee, and donative intent. 3) Political contributions prior to an exemption law passed in 2000 were ruled taxable gifts by the Supreme Court.

Author

Ardy Falejo Fajutag

Language

EN