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Revenue Regulation No. 05-99

Implementing Section 34(E) of the Tax Code of 1997 on the Requirements for Deductibility of Bad Debts from Gross Income

RR No. 05-99 | 1999-03-10

March 10, 1999 

REVENUE REGULATIONS NO. 05-99 

SUBJECT : Implementing Section 34(E) of the Tax Code of 1997 on the Requirements for Deductibility of Bad Debts from Gross Income 

TO : All Internal Revenue Officers and Others Concerned 

SECTION 1. Scope. — Pursuant to the provisions of Section 244 of the Tax Code of 1997, these regulations are hereby promulgated to implement the provisions of Section 34(E) of the same Code on the requirements for deductibility of bad debts from the gross income of a corporation or an individual engaged in trade or business or a professional engaged in the practice of his profession.
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