Payment of Capital Gains Tax on Foreclosure Sales

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BIR REVENUE MEMORANDUM ORDER NO. 6-92: Payment of Capital Gains Tax on Foreclosure Sales

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Title Supreme Court: Payment of Capital Gains Tax on Foreclosure Sales

Law: Bir Revenue Memorandum Order No. 6-92

Decision Date: Jan 15, 1992

BIR Revenue Memorandum Order No. 6-92 mandates that banks, finance, and insurance companies are liable for capital gains tax on extra-judicial foreclosure sales, based on the auction bid price, with provisions for reimbursement if the debtor-mortgagor redeems the property.

capital gains

extra

judicial foreclosure

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