Shares in the Shows Held by the New Baguio Theater, Plaza Theater, Pines Theater and Session Theater

November 24, 1959 BIR RULING NO. 592-59 The Division Superintendent of Schools Division of Mountain Baguio City S i r : Reference is made to your letter of the 9th instant, to the Regional Director, Regional District No. 1, that city, which was, together with the papers pertinent to the case treated therein, forwarded to this Office for action. It appearing that the amounts to be turned over to that Division as its shares in the shows held by the New Baguio Theater, Plaza Theater, Pines Theater and Session Theater, respectively, for the benefit of that Division consist of 50% of the net proceeds derived from said benefit shows, this Office has decided to make the exemption tentatively granted in favor of the Division in our letter to you dated October 13, 1959 (B. I. R. Ruling No. 484) final. A copy of this letter has, on even date, been furnished the Regional Director, that city, for his information. cdta Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue