Back

Pasig-Sadyang Hari vs. CIR

OBRA PIA DE PASIG-SADYANG HARI, represented by the Roman Catholic Archbishop of Manila, Trustee, petitioner, vs. COMMISSIONER or INTERNAL REVENUE and COURT or TAX APPEALS, respondents.

SP No. 31046 | 1997-09-05

[SP No. 31046. September 5, 1997]
 
OBRA PIA DE PASIG-SADYANG HARI, represented by the Roman Catholic Archbishop of Manila, Trustee, petitioner, vs. COMMISSIONER or INTERNAL REVENUE and COURT or TAX APPEALS, respondents.
 
1. TAXATION; INCOME TAX; ESTATES AND TRUSTS; SALE BY THE ROMAN CATHOLIC ARCHBISHOP OF MANILA, TRUSTEE, OF ASSETS HELD IN TRUST CONSIDERED SALE OF CAPITAL ASSETS; CASE AT BAR-We rule that the parcels of land sold-including the parcel acquired by Caruncho Construction Corp. and of the other lots in the “subdivision”. -are “capital assets” and not “ordinary assets”. In...