Documenti di Didattica
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714
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715
FELIX, J.:
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720
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722
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(1942. Com. Int. Revenue vs. Kieselbach (CCA 3) 127 F. (24) 359),
"The taking of property by condemnation and the payment of just
compensation therefore is a 'sale' or 'exchange' within the meaning
of section 117 (a) of the Revenue Act of 1936, and profits from that
transaction is capital gain" (David S. Brown vs. Comm., 1942, 42
BTA 139).
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(b) EXCLUSIONS FROM GROSS INCOME.The following
items shall not be included in gross income and shall' be exempt
from taxation under this Title:
. * * * * * * *
(6) Income exempt under treaty.Income of any kind, to the
extent required by any treaty obligation binding- upon the
Government of the Philippines.
"ARTICLE XXII
"CONDEMNATION OR EXPROPRIATION
"ARTICLE XII
724
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726
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Decision affirmed.
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