BIR Ruling [DA-405-05]

September 30, 2005 BIR RULING [DA-405-05] Romulo Mabanta Buenaventura Sayoc & De Los Angeles 30th Floor, Citibank Tower 8741 Paseo de Roxas Makati City Attention: Atty. Jayson L. Fernandez Gentlemen : This refers to your letter dated August 1, 2005 requesting for correction and modification of BIR Ruling No. DA525-04 dated October 8, 2004, where this Office ruled that "the property dividends will be distributed among the stockholders of Terocel as of February 29, 2004 in the following manner: "xxx xxx xxx Block No. Lot No. TCT No. Area (s q. m.) Location Blk. 5E 48B 90839 150.00 Norma Street, Sampaloc, Manila In your aforesaid letter, you stated that the said property under TCT No. 90839 has a total area of 150 square meters and is composed of two (2) lots measuring 75 square meters each; that the said property subject of the property dividends is only one lot with an area of 75 square meters and not the entire 150 square meters; and that your request for correction is needed for presentation to the Revenue District Office (RDO) for the issuance of the Certificate Authorizing Registration (CAR). In reply thereto, please be informed that after careful review of the aforesaid ruling, this Office hereby AMENDS its BIR Ruling No. DA525-04 dated October 8, 2004 to the effect that only one-half or 75 square meters of the above-mentioned property covered by TCT No. 90839 issued by the Registry of Deeds for Manila, which is one of the properties subject of property dividends, be declared in favor of Benito Legarda, Jr. AaHDSI Very truly yours, (SGD.) JOSE MARIO C. BUAG OIC-Commissioner of Internal Revenue