BIR Ruling No. 070-62

April 27, 1962 BIR RULING NO. 070-62 Mr. Chua Yan Huay 401 Rizal Avenue M a n i l a S i r : Reference is made to your letter dated March 27, 1962, re-requesting information on the following: cdi "My wife, Estrella Yap, was the former owner of Estrella Shoe Palace located at 413 Avenida, Rizal. She was provided with a privileged tax receipt to operate the name. "Before the expiration of said privilege tax receipt, she was forced to close said store in view of the termination of the leased contract which was awarded to somebody. In view of said closure of her store, stock in trade consisting of shoes and other general merchandise were left old. "I am now intending to sell the said stocks at 401 Rizal Avenue, Manila, (Corner Shack), under my name. "Under the above facts, may I request for a formal ruling of that Office as to whether the privilege tax receipt issued in the name of my wife, Estrella Yap (Estrella Show Palace) may be used by me to sell said stocks unsold at the Corner Shack. In the negative, can I use the privilege tax provided for in said Corner Shack in the retail of said unsold stocks?" In reply thereto, I have the honor to inform you that the remaining stock may be sold under the privilege tax receipt of your wife as a continuation of her individual business. It may also be sold under your Corner Shack's privilege tax receipts. (if a C-15) but the goods must be transferred to you in ownership and properly accounted for your stock inventory. If this done, your wife will then be considered to have retire from business. Very truly yours, BENEDICTO PADILLA Acting Commissioner of Internal Revenue