BIR Ruling No. 339-61

June 21, 1961 BIR RULING NO. 339-61 Messrs. Ponce Enrile, Siguion Reyna, Montecillo & Belo Attorneys at Law Seventh Floor, Soriano Bldg. Manila Gentlemen : With reference to your letter of the 7th instant, requesting information if the amortization of the "proportionate cost of production" and "proportionate cost of right", which are allowed to be deducted from film rentals under General Circular No. V-334, may be made according to any of the approved methods of apportionment or amortization permitted under the Federal Income Tax Law, I have the honor to inform you that any such amortization is acceptable to this Office provided that the same is in accordance with recognized trade practice and is made with due regard to operating conditions during the taxable period. cdti Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue