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This document summarizes a Supreme Court of the Philippines case from 1988 regarding whether two individuals who purchased land together and later sold the land at a profit formed an unregistered partnership and were therefore liable for corporate income tax. The Court found that there was no evidence the individuals intended to form a partnership or divide profits, and the two isolated land transactions did not demonstrate partnership. As the individuals had paid capital gains tax under tax amnesty program

Author

FranzMordeno

Language

EN