BIR Ruling [DA-308-00]

August 18, 2000 BIR RULING [DA-308-00] 90 (B) (C) DA-260-2000 DA-308-2000 Balmeo Bautista & Peasales Law Offices 3rd Floor Margarita Building J.P. Rizal corner Cardona Streets Makati City Attention: Atty . Leonides F. Balmeo Gentlemen : This refers to your letter dated July 13, 2000 requesting on behalf of the Estate of the late Francisco C. Ramos for an extension of one (1) year from receipt of the reply of this Office to file the estate tax return pursuant to Section 90(C) of the Tax Code of 1997 and at the same time for waiver of the surcharge, penalties and interest due thereon. It is represented that the late Francisco C. Ramos died on May 21, 2000 a resident of Paraaque City; that the exact valuation of the estate cannot be ascertained at this point in time due to the looseness of papers and documents which you need in the determination of the extent of the estate. In reply thereto, please be informed that under Section 90(B) and (C) of the Tax Code of 1997, estate tax return is required to be filed within six (6) months from the decedent's death, and in meritorious cases, a reasonable extension not exceeding thirty (30) days for filing the return may be granted by the Commissioner of Internal Revenue. The payment of the estate tax or any part thereof shall be made upon the filing of the return or on such state as fixed if an extension is granted by the Commissioner, but in no case to exceed five (5) years in case the estate is settled through the courts, or two (2) years in case the estate is settled extrajudicially pursuant to Section 91(B) of the tax Code of 1997. Based on the aforestated justifiable reason, your request for an extension of time within which to file the estate tax return of the late Francisco C. Ramos is hereby granted but only for thirty (30) days counted from November 21, 2000 which is the last day for filing of said estate tax return. Accordingly, the filing of the said estate tax return of the decedent is hereby extended up to December 21, 2000 pursuant to Section 90(C) of the Tax Code of 1997. In view of the foregoing, this Office has decided to forego the imposition of the surcharge and penalties on the estate tax due on the transmission of the estate of the late Francisco C. Ramos. However, it shall be understood that the estate shall be liable for the corresponding interest that have accrued thereon up to the time of filing of the estate tax return pursuant to Section 249 of the Tax Code of 1997. (BIR Ruling No. DA 260-2000 dated June 9, 2000) DTAESI Very truly yours, Commissioner of Internal Revenue By: (SGD.) LILIAN B. HEFTI Deputy Commissioner Legal & Inspection Group