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Republic Act

Republic Act No. 1933

Republic act no. 1921

Republic Act No. 1921

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In plain language

An act to amend Section 35 of the National Internal Revenue Code, providing a revised schedule for determining gain or loss from the sale or other disposition of property and setting forth rules for exchanges, particularly in mergers and consolidations, including basis adjustments and definitions.

  • Amended Section 35 with a schedule for determining gain or loss from sale or disposition of property
  • Defined rules for property acquired before and after March 1, 1913
  • Established general and exception rules for exchange of property, especially in mergers and consolidations
  • Specified basis adjustments for stocks, securities, and property involved in exchanges
  • Provided definitions for key terms such as securities, merger, and consolidation
Tax law
Internal Revenue Code
Amendment

REPUBLIC ACT No. 1933

An Act Further Amending Section Nineteen of Republic Act Numbered Three Hundred Nine, as Amended, so as to Provide for a More Equitable Distribution of Receipts in Horse Races

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Section nineteen of Republic Act Numbered Three hundred nine, as amended, is further amended to read as follows:

"Sec. 19. Distribution of receipts. -The total wager funds or gross receipts from the sale of pari-mutuel tickets shall be apportioned as follows: eighty-seven and one-half per centum shall be distributed in the form of dividends among the holders of win, place and show horses, as the case may be, in the regular races; six and one-half per centum shall be set aside as the commission of the person, racetrack, racing club, or any other entity conducting the races; five and one-half per centum shall be set aside for the payment of stakes or prizes for win, place and show horses and authorized bonuses for jockeys; and one-half per centum shall be paid to a special fund to be used by the Games and Amusements Board to cover its expenses and such other purposes authorized under this Act. In the case of daily-double and llave races, the gross receipts derived from the total sale of tickets for said races shall be apportioned in the following manner: eighty-five per centum shall be distributed in the form of dividends among the holders of the winning combination of horses, that is, the two horses that won first place in the two races in the case of the daily-double, and among the holders of the winning combination of horses, that is, the two horses that won first and second place, or either way, in the case of the llave; eight and one-half per centum shall be set aside as the commission of the person, racetrack, racing club, or any other entity holding the horse races; six per centum for the payment of stakes or prizes for win, place and show horses; and one-half per centum as a special fund to be used by the Games and Amusements Board to cover its expenses and such other purposes authorized under this Act. Any unexpended balance of this special fund at the end of each year in excess of ten thousand pesos shall be turned over to the Bureau of Animal Industry to be used by the latter exclusively for the promotion of horse-breeding in the Philippines.

Section 2

This Act shall take effect upon its approval.

Approved: June 22, 1957.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.