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January 28, 2010BIR RULING [DA-(JV-007) 015-10]22 (B); DA-373-2008; DA-247-2001; DA 262-2001DMC Urban Property Developers, Inc.2/F 2281 Chino Roces Ave.Makati CityAttention: Mr. Joy B. FajardoAccounting OfficerGentlemen :This refers to your letter dated September 16, 2009 requesting for a ruling that (1) the joint venture formed by Dacon Corporation and DMC Urban Property Developers, Inc. (DMC-UPDI) for the purpose of developing and constructing a condominium project does not fall within the definition of a corporation pursuant to Sec. 22 (B) of the 1997 Tax Code, hence it is not subject to the corporate income tax provided under Sec. 27 (A) of the Tax Code of 1997, and (2) that the allocation of condominium units and parking spaces and the issuance of the corresponding Condominium Certificates of Title (CCTs) to Dacon Corporation and DMC-UPDI representing their respective interest in the project are not subject to income and/or creditable withholding tax (CWT) because it is only upon the sale or disposition to third parties of the units and parking spaces allocated that the gain realized in the said transaction...