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J. M. Tuason & Co., Inc. Vs. Collector Of Internal Revenue

J. M. TUASON & CO., INC., petitioner, vs. COLLECTOR OF INTERNAL REVENUE, respondent.

G.R. No. L-11530 | 1960-06-30

D E C I S I O N


LABRADOR, J.:

On November 6, 1951 the Varsity Hills, Inc., owner of five parcels of residential land in Quezon City, entered into a contract with petitioner J. M. Tuason & Co., Inc., a corporation engaged in the business of developing subdivisions and promoting sales therein, whereby it ceded to the latter its five parcels of residential land above described generally for the purpose of having it surveyed, platted, monumented and otherwise developed into a subdivision. The contract is Exhibit "A" and the principal terms and conditions thereof are as follows:
"That the ADMINISTRATOR, at the OWNER'S expense, shall...