Republic Act No. 1921
Year:
1957
Category:
Other
Date Approved:
June 22, 1957
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This act amends Section 35 of the National Internal Revenue Code, providing guidelines on the determination of gain or loss from the sale or other disposition of property. It outlines the rules for property acquired before and after March 1, 1913, and establishes the basis for recognizing gains or losses in various exchange scenarios.Full Text
REPUBLIC ACT No. 1921
AN ACT TO AMEND SECTION THIRTY-FIVE OF THE NATIONAL INTERNAL REVENUE CODE, AND FOR OTHER PURPOSE.
Section 1. Section thirty-five of Commonwealth Act Numbered Four hundred sixty-six is hereby amended to read as follows;
"Sec. 35. Determination of gain or loss from the sale or other disposition of property. The gain derived or loss sustained from the sale or other disposition of property, real, personal, or mixed, shall be determined in accordance with the following schedule:
Section 2. This Act shall take effect upon its approval.
Approved: June 22, 1957
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.