BIR Ruling [DA-198-01]

October 19, 2001 BIR RULING [DA-198-01] Abello Concepcion Regala & Cruz Law Offices ACCRA Building 122 Gamboa St. Legaspi Village Makati City Attention: Attys. Senen Y. Glinoga and Jose H. Feliciano III Gentlemen : This refers to your letter dated December 14, 2000 requesting for an amendment of BIR Ruling No. S-40-169-2000 dated September 14, 2000 particularly on the zonal valuation of the properties subject matter of the tax free exchange executed by and between Consolidated Industrial Gases, Inc. (CIGI) and Southern Industrial Gases Philippines, Inc. (SIG) (transferors) and Chatswood, Inc. (transferee) whereby the transferors transferred in favor of the transferee the following: TCT No. Location Zonal Value T-270029 Sampaloc, Apalit, Pampanga 40,792,000.00 T-21319 Pusok, Lapu-Lapu City 5,760,000.00 T-32210 Pusok, Lapu-Lapu City 12,798,750.00 T-24577 Dayhagan, Ormoc City 1,750,000.00 T-158508 Panacan, Diversion Rd., Davao City 23,000,000.00 It appears that the above zonal valuations which were used in the ruling are not in accordance with the Certification issued by the Asset Valuation Division of this Bureau. In reply thereto, please be informed that after a restudy of BIR Ruling No. S-40-169-2000, this Office hereby amends the pertinent portion of said BIR Ruling pertaining to the zonal valuation of the five (5) parcels of land to read as follows: TCT No. Location Zonal Value T-270029 Sampaloc, Apalit, Pampanga 9,178,200.00 T-21319 Pusok, Lapu-Lapu City 5,619,000.00 T-32210 Pusok, Lapu-Lapu City 5,119,500.00 T-24577 Dayhagan, Ormoc City 875,000.00 T-158508 Panacan, Diversion Rd., Davao City 17,750,000.00 This shall serve as authority for the Revenue District Offices concerned to cause the amendment of the zonal valuation of the properties transferred pursuant to the Deed of Exchange executed by and between CIGI, SIG and Chatswood, Inc. dated September 27, 1999. Very truly yours, (SGD.) MILAGROS V. REGALADO Acting Assistant Commissioner Legal Service