Guidelines on Real Property Asset Classification

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BIR REGULATIONS NO. 7-2003: Guidelines on Real Property Asset Classification

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Title Source: Supreme Court: Guidelines on Real Property Asset Classification

Law: Bir Regulations No. 7-2003

Decision Date: Dec 27, 2002

BIR Regulations No. 7-2003 establishes guidelines for classifying real properties as capital or ordinary assets to determine applicable capital gains and income taxes under the National Internal Revenue Code, impacting taxpayers engaged in real estate transactions.

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