Definitions.
Section 4
SEC. 4. Definitions. — (a) The term "person" means an individual, trust, estate, corporation, or a duly registered general partnership, more specifically detailed as follows: Citizens of the Philippines whether residing here or abroad; Resident aliens; Nonresident aliens, whether or not engaged in trade or business in the Philippines, with respect to properties of whatever kind and nature situated in the Philippines; Domestic corporations no matter how created or organized and for whatever purposes; Resident foreign corporations; Nonresident foreign corporations engaged in trade or business in the Philippines or nonresident foreign corporations having properties of whatever kind or nature situated in the Philippines; General professional partnerships and duly registered general co-partnerships; and Estates and trusts. (b) The term "net worth" is the difference between total assets and total liabilities.