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Tan Senguan & Co. Vs. Collector Of Internal Revenue 055 Phil 439

TAN SENGUAN & CO., plaintiff-appellant, vs. THE COLLECTOR OF INTERNAL REVENUE, defendant-appellee.

G.R. No. 33196 | 1930-12-19

D E C I S I O N


JOHNS, J.:

It is admitted that the original articles of copartnership of the plaintiff were duly registered in the mercantile registry on the 24th of August, 1914, and that its amended articles were also registered on the 9th of June, 1917, at which time the capital of the partnership was P200,000, of which Tan Senguan was then the owner of P75,000. That in the year 1923 Tan Senguan withdrew P70,000 from the partnership, which reduced his share to P5,000, and that in the same year Tan Chuan Hui withdrew all of his P10,000 thereby reducing the capital of the partnership to P120,000. That both of such withdrawals were...