Change in Name/Denomination of PLDT Certificate of Stock Not Subject to Capital Gains Tax

May 13, 1993 BIR RULING NO. 209-93 CHANGE IN NAME/DENOMINATION OF PLDT CERTIFICATE OF STOCK NOT SUBJECT TO CAPITAL GAINS TAX 21 (d) (1) 00-00 09-93 Princesa, Princesa & Associates Suite 804 Pacific Bank Building 776 Ayala Avenue, Makati Metro Manila Attention: Atty . Salvador A . Princesa This refers to your letter dated March 1, 1993, seeking exemption from payment of capital gains tax on the correction of an alleged inconsistency appearing in the denomination or name of the Certificate of Stock issued by Philippine Long Distance Telephone Co. (PLDT) in the name of Princesa, Princesa & Associates. cdtech You stated that you are the owner and sole proprietor of Princesa, Princesa & Associates, a law office which is allegedly not registered with the Bureau of Domestic Trade for business name nor a partnership or corporation; that your son, Atty. Reynaldo R. Princesa, is now in Lancaster, California, since 1984 and has not returned since then; that you have no associate and no longer engaged in the active practice of law due to old age; and that you are now requesting that the stock certificate with 350 shares at a par value of P10.00 per share issued by PLDT in the name of Princesa, Princesa & Associates, be changed to Atty. Salvador A. Princesa. In reply, please be informed that on the basis of the foregoing facts which involve only a change of name in the shares of stock, no capital gains will be realized by you. Accordingly, no capital gains is due from you under these particular circumstances. VICTOR A. DEOFERIO, JR. Deputy Commissioner of Internal Revenue