BIR Ruling [DA-587-04]

November 19, 2004 BIR RULING [DA-587-04] RR No. 18-2001 DA-163-2003 Bernaldo Mirador Law Offices Unit 1807 Cityland Condominium 10-Tower 1 6815 Ayala Avenue cor. H.V. de la Costa St., Makati City Attention: Atty. Pepito G. Po Tax Manager Gentlemen : This refers to your letter dated August 3, 2004 requesting in behalf of your client Marigold Estate Ventures Co., Inc., Seascape Ventures Corporation and Tamarind Estate Ventures Corporation for an extension of sixty (60) days from August 3, 2004 within which to submit the certified true copies of the new and duly annotated TCTs and certificates of stock, without incurring any penalty. aScIAC It is represented that this Office issued BIR Ruling No. S-40-015-2004, S-40-016-2004, and S-40-008-2004, all dated January 28, 2004 which confirmed the tax-free exchange pursuant to Section 40(c)(2) of the Tax Code of 1997; that you are still in the process of completing all the requirements to formally transfer the properties in the name of the assignee companies with the Register of Deeds. In reply, please be informed that your request for an additional extension of sixty (60) days from August 3, 2004, is hereby granted. Consequently, you have a period of until October 3, 2004 within which to submit the certified true copies of the new and duly annotated TCTs and certificates of stock, without incurring any penalty. Very truly yours, Commissioner of Internal Revenue By: (SGD.) MILAGROS V. REGALADO Assistant Commissioner Legal Service