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Tax Implications of Life Insurance Proceeds by bcar is a document available to read on EtoBox.

1) El Oriente Fabrica de Tabacos insured the life of its manager to protect itself from losses if he died. It received the life insurance proceeds when he passed away. 2) The Collector of Internal Revenue assessed income tax on the life insurance proceeds, but El Oriente claimed exemption. 3) The Supreme Court of the Philippines ruled the life insurance proceeds were not taxable income for El Oriente. As a corporate beneficiary, it was exempt based on similar laws in the US and lack of clear legislative i

Author

bcar

Language

EN