OBJECTS OF TAXATION Objects of taxation may refer to the subject to which taxes are imposed. Generally, taxes are imposed on the following: 1. Persons, whether natural or juridical persons a. Natural person - refers to individual taxpayers. b. Juridical person - includes corporations, partnerships, and any association. 2. Properties, whether real, personal, tangible or intangible properties a. Real properties - immovable properties such as land and buildings. b. Personal properties - movable properties such as car and other personal belongings. c. Tangible properties - that which may be felt or touched and are necessarily corporeal, either real or personal properties. d. Intangible properties - properties that are "rights" rather than physical objects. Examples are patents, stocks, bonds, goodwill, trademarks, franchises and copyrights. 3. Exercise objects, such as: a. Transaction - the act of conducting activities related to any business and profession. It may involve selling, servicing, leasing, borrowing, mortgaging or lending. b. Privilege - a benefit derived through gratuitous transfer by fact of death or donation. C. Right - a power, faculty or demand inherent in one person and incidental to another. d. Interest - an advantage accruing from anything