Amending RAMO 1-88 Regarding the Determination of the Tax Base for Sales, Transfers, or Other Disposition of Real Property including Improvements thereon for Internal Revenue Tax Purposes

February 18, 1991 REVENUE AUDIT MEMORANDUM ORDER NO. 2-91 SUBJECT:Amending RAMO 1-88 Regarding the Determination of the Tax Base for Sales, Transfers, or Other Disposition of Real Property including Improvements thereon for Internal Revenue Tax Purposes    TO:All Internal Revenue Officers and Others Concerned  A. OBJECTIVES: This Order amends RAMO 1-88, dated February 4, 1988 regarding the determination of the tax base for sales, transfers or any disposition of real property including improvements thereon with the specific objective of updating the tax base. acd B. DEFINITION OF TERMS: 1. Agricultural land — devoted principally to the raising of crops, such as rice, corn, sugarcane, tobacco, coconut, etc., or to pasturing, dairying, inland fishing, salt-making and other agricultural uses, including timber lands and forest lands. (Chapter 1, Sec. 3(c), Real Property Tax Code, P.D. No. 464 as amended)2. Commercial land — devoted principally to commercial purposes, and generally for the object of profit. (Chapter 1, Sec. 3(h), Real Property Tax Code, P.D. No. 464 as amended). Improvements thereon shall be classified as commercial.3. Condominium — is an...