And I don't exactly love it either. It took me forever and a half to answer this question earlier:
If the property leased is used for residential purposes, is lessee required to withhold any creditable withholding tax on rental payments to lessor?
By now, the answers to questions like this should come automatically. But they don't. And that really frustrates me.
I had to look into so many things before I could finally answer the question:
- Are lease payments subject to creditable withholding tax? - Duh. I should know this by now.
- What does "use in business" mean for the purpose of rentals under RR 2-98?
- How does the distiction between capital and ordinary assets apply, if at all?
- Is the definition of "habitually engaged in real estate" for under RR 7-03 relevant?
- If "use in business" is defined for the purpose of determining the nature of an asset as a capital asset or an ordinary asset for the application of capital gains tax, is that definition applicable to creditable withholding tax?
Damn. I should take a refresher course or something. I hate the fact that I still don't have a firm grip on the subject matter until now!!!
So there. On to my next assignment.
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