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    Reseasrch CGT Reckoning Point

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    Carla Carmela Villanueva-Cruz
    The document discusses the reckoning date of a sale for taxation purposes according to Article 1475 of the Civil Code. It states that a sale is perfected when the parties agree on the object and price, even if delivery has not occurred. For the case in question, the sales between the seller QCDFC and buyers were already perfected contracts when the deeds of absolute sale were executed, even though delivery had not yet occurred. Therefore, the reckoning date of the sales for taxation is the date of execution of the deeds of absolute sale, and these sales are governed by the laws in place at that time.

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    Reseasrch CGT Reckoning Point

    Uploaded by

    Carla Carmela Villanueva-Cruz
    20 views1 page
    The document discusses the reckoning date of a sale for taxation purposes according to Article 1475 of the Civil Code. It states that a sale is perfected when the parties agree on the object and price, even if delivery has not occurred. For the case in question, the sales between the seller QCDFC and buyers were already perfected contracts when the deeds of absolute sale were executed, even though delivery had not yet occurred. Therefore, the reckoning date of the sales for taxation is the date of execution of the deeds of absolute sale, and these sales are governed by the laws in place at that time.

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    Reseasrch Cgt Reckoning Point

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    Reseasrch Cgt Reckoning Point

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    The document discusses the reckoning date of a sale for taxation purposes according to Article 1475 of the Civil Code. It states that a sale is perfected when the parties agree on the object and price, even if delivery has not occurred. For the case in question, the sales between the seller QCDFC and buyers were already perfected contracts when the deeds of absolute sale were executed, even though delivery had not yet occurred. Therefore, the reckoning date of the sales for taxation is the date of execution of the deeds of absolute sale, and these sales are governed by the laws in place at that time.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    20 views1 page

    Reseasrch CGT Reckoning Point

    Uploaded by

    Carla Carmela Villanueva-Cruz
    The document discusses the reckoning date of a sale for taxation purposes according to Article 1475 of the Civil Code. It states that a sale is perfected when the parties agree on the object and price, even if delivery has not occurred. For the case in question, the sales between the seller QCDFC and buyers were already perfected contracts when the deeds of absolute sale were executed, even though delivery had not yet occurred. Therefore, the reckoning date of the sales for taxation is the date of execution of the deeds of absolute sale, and these sales are governed by the laws in place at that time.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    RECKONING OF DATE OF SALE FOR PURPOSES OF TAXATION - Article 1475 of the Civil Code

    provides that a contract of purchase and sale is perfected from the moment the parties have agreed
    upon a determinate thing i.e., the object of the contract and a price certain therefor even if neither is
    delivered. Thus, the delivery of the thing sold is not necessary for the perfection of the contract. In
    the case at bar, there is indeed a perfected sale as the seller QCDFC has agreed to sell and had
    actually sold the above-mentioned lots to the respective buyers while the latter had agreed to pay
    the contract price therefor, although delivery had not been effected until no less the Supreme Court
    has resolved the case in favor of QCDFC, but from that time on, the vendees/buyers are given the
    right to compel the vendor/seller QCDFC to deliver the lots sold where it not for the inhibition filed by
    the government that the properties sold are for use as road.

    Since the Deeds of Absolute Sale executed by QCDFC and its buyers involving the above-
    mentioned lots are in itself perfected contracts, the reckoning date of the sale for purposes of
    taxation is the date of the execution of the aforementioned Deeds of Absolute Sale. Accordingly, the
    said deeds are governed by the laws, rules and regulations prevailing at the time of its
    execution. (BIR Ruling No. 180-99 dated November 24, 1999)

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