Definitions.
Section 20
SEC. 20. Definitions. — When used in this Title — (a) The term "person" means an individual, a trust, estate, or corporation. (b) The term "corporation" includes partnership, no matter how created or organized, joint stock companies, joint accounts (cuentas en participacion), associations or insurance companies, but does not include general professional partnerships and a joint venture or consortium formed for the purpose of undertaking construction projects or engaging in petroleum, coal, geothermal and other energy operations pursuant to an operating or consortium agreement under a service contract with the Government. General professional partnerships are partnerships formed by persons for the sole purpose of exercising their common profession, no part of the income of which is derived from engaging in any trade or business. (c) The term "domestic", when applied to a corporation, means created or organized in the Philippines or under its laws. (d) The term "foreign" when applied to a corporation, means a corporation which is not domestic. (e) The term "non-resident citizen" means one who establishes to the satisfaction of the Commissioner the fact of his physical presence abroad for an uninterrupted period which includes an entire taxable year. (f) The term "resident alien" means an individual whose resident is within the Philippines and who is not a citizen thereof. (g) The term "non-resident alien" means an individual whose residence is not within the Philippines and who is not a citizen thereof. (h) The term "resident foreign corporation" applies to a foreign corporation engaged in trade or business within the Philippines. (i) The term "non-resident foreign corporation" applies to a foreign corporation not engaged in trade or business within the Philippines. (j) The term "fiduciary" means a guardian trustee, executor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person. (k) The term "withholding agent" means any person required to deduct and withhold any tax under the provision of section fifty-three (l) The term "stock" includes the share in an association, joint-stock company, or insurance company. (m) The term "shareholder" includes a member in an association, joint-stock company, or insurance company. (n) The term "taxpayer" means any person subject to tax imposed by this Title. (o) The terms "including, when used in a definition contained in this Title, shall not be deemed to exclude other things otherwise within the meaning of the term defined. (p) The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the net income is computed under this Title. "Taxable year" includes, in the case of a return made for a fractional part of a year under the provisions of this Title or under regulations prescribed by the Department of Finance, the period for which such return is made. (q) The term "fiscal year" means an accounting period for twelve months ending on the last day of any months other than December. (r) The term "paid or incurred" and "paid or accrued" shall be construed according to the method of accounting upon the basis of which the net income is computed under this Title. (s) The term "trade or business" includes the performance of the functions of a public office. (t) The term "securities" means shares of stock in a corporation and rights to subscribe for or to receive such shares. The term includes bonds, debentures, notes, or certificates, or other evidence of indebtedness, issued by any corporation, including those issued by a government or political subdivision thereof, with interest coupons or in registered form. (u) The term "dealer in securities" means a merchant of stocks or securities, whether an individual, partnership or corporation, with an established place of business, regularly engaged in the purchase of securities and their resale to customers; that is, one who as a merchant buys securities and sells them to customers with a view to the gains and profits that may be derived therefrom.