BIR Ruling

December 10, 1996 Decierdo, Dicdican, Pacquiao, Libre, Paderanza & Morada Law Offices Aboitiz Complex, Banilad Cebu City Attention: Delfin H . Decierdo Tax Counsel Gentlemen : This refers to your protest-letter dated March 31, 1993 requesting cancellation of the assessment requiring your client, RUBEN MAGALE, to pay the amount of P407,100.50 as deficiency income tax for taxable year 1990, inclusive of increments, under Assessment/Demand No. FAR-1-90-93-000712, dated March 28, 1993. Please be informed that after a careful review of the facts of the case as well as the law and jurisprudence involved, this Bureau finds the same to be well taken and meritorious. Accordingly, said assessment is hereby withdrawn and cancelled and this case considered closed and terminated. cdtech Very truly yours, (SGD.) LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue