Request for Authority for PICOP Resources, Inc. to Change its Accounting Period from Calendar Year to Fiscal Year

May 22, 1996 BIR RULING NO. 060-96 41 080-94 060-96 PICOP Resources, Inc. The Centerpoint Building Julia Vargas St., Ortigas Center Pasig, City Attention: Ms . Aurora T . Calderon Sr . Vice-President & Chief Financial Officer Gentlemen : This refers to your letter dated April 17, 1996, requesting authority for PICOP Resources, Inc. (PICOP) to change its accounting period from calendar year ending December 31 to fiscal year ending June 30, effective January 1, 1996. casia In reply, please be informed that pursuant to Section 40 of the Tax Code, as amended, your request is hereby granted, provided, you comply with the provision of Section 41(a) of the Tax Code, as amended. "SEC. 41. Final or Adjustment Returns for a Period of Less than Twelve Months . (a) Returns for short period resulting from change of accounting period. If a taxpayer, other than an individual, with the approval of the Commissioner of Internal Revenue, changes the basis of computing taxable income from . . . calendar year to fiscal year, a separate final or adjustment return shall be made for the period between the close of the fiscal year . . ." Accordingly, PICOP should file a separate final or adjustment return for the period corresponding to January 1 and June 30, 1996, which is the period between the close of the calendar year for which a return was made and the date designated as the close of the fiscal year. This will, therefore, serve as your authority to change your accounting period from calendar year to fiscal year ending June 30 upon your compliance with the requirement of filing a short period return. LLpr Very truly yours, LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue