RR No. 2-98, Sec. 2.57.2(F): CWT on Sale of Real Property Classified as Ordinary Asset Source: Revenue Regulation No. 02-98 (1998) Key rule: A sale, exchange, or transfer of real property classified as an ordinary asset is subject to creditable withholding tax (CWT) . The CWT is based on the higher of the gross selling price or the fair market value under Sec. 6(E) of the NIRC. 1. Quick Classification Question If “Yes” Tax treatment Is the property an ordinary asset ? The property is stock in trade, held primarily for sale to customers, or used in the seller’s business Apply the CWT rules in Sec. 2.57.2(F) of RR No. 2-98 Is the property a capital asset ? The property is not an ordinary asset and is not used in the seller’s business The transaction is generally subject to capital gains tax, not the CWT under this provision Is the seller ...
G.R. No. 89823 June 19, 1991 PEOPLE OF THE PHILIPPINES, plaintiff-appellee, vs. EUTROPIO TIOZON y ACID, accused-appellant. The Solicitor General for plaintiff-appellee. Lorenzo G. Parungao for accused-appellant. DAVIDE, JR., J.: SUMMARY: Accused found guily by RTC of Caloocan for violating Sec. 1 of PD 1866 for illegal possession of firearms and murder. Hence, this appeal. Can double jeopardy be invoked by the accused? No, the two crimes are not the same offense, double jeopardy can only be invoked when there are same offenses. In the case, one is a special law and the other is penalized by the RPC. The crime of murder or homicide is not absorbed by PD 1866 because it will result to an absurdity where a more serious offense is absorbed by a...