BIR Ruling [DA-390-00]

November 17, 2000 BIR RULING [DA-390-00] 91 (B) Mr. Dominador C. Manongdo No. 7 Int. V, Capitol Hills Drive Old Balara, Quezon City S i r : This refers to your letters dated November 7, 2000 requesting for an extension of two (2) years within which to pay the estate tax due on the transmission of the estate of the late Santiago Manongdo to his heirs pursuant to Section 91(B) of the Tax Code of 1997. It is represented that the late Santiago Manongdo died on May 17, 2000, a resident of Old Balara, Quezon City; that he left several real properties located in said vicinity; and that the estate tax due thereon is too big that you cannot pay the same at one time, prompting you to request for an extension of two (2) years within which to pay said tax. In reply, please be informed that in view of the aforementioned justifiable reason, your request for an extension of two (2) years within which to pay the estate tax reckoned from November 17, 2000, is hereby granted without the corresponding surcharge and compromise penalties, pursuant to Section 91 of the Tax Code of 1997. However, it is understood that the estate of the late Santiago Manongdo shall be liable to the corresponding interest that may have accrued up to the time of the payment of the estate tax. Moreover, the executor, or administrator, or beneficiary, as the case may be, is required to furnish a bond in such amount not exceeding double the amount of the tax and with such sureties the Commissioner deems necessary conditioned upon the payment of the estate tax in accordance with the terms of the extension. STaHIC This ruling is being issued on the basis of the foregoing facts as represented. However, if upon investigation, it will be disclosed that the facts are different, then this ruling shall be considered null and void. Very truly yours, Commissioner of Internal Revenue By: (SGD.) LILIAN B. HEFTI Deputy Commissioner Legal & Inspection Group