BIR Ruling [UN-168-95]

April 19, 1995 BIR RULING [UN-168-95] Atty. Ma. Elena G. Francisco Ground Floor, Estuar Bldg. 3 880 Quezon Avenue, Quezon City M a d a m : This refers to your letter dated January 6, 1994 stating that on behalf of the heirs of deceased Felicidad R. Estuar, you would like to inform this Office that despite earnest efforts on the part of the heirs to confirm the status of the agricultural lands in the Province of Cavite registered in the name of the deceased but which, apparently, were covered by the Comprehensive Land Reform Program of the Government, the Department of Agrarian Reforms has not yet made a final determination of the status thereof, that the heirs are still trying to convert some of the properties of the deceased to pay for the estate tax; and that in the event sale will not be possible within a reasonable period, the heirs may have to resort to borrowings using the assets of the deceased as collateral, to be able to raise the amount necessary to settle the tax liabilities of the estate. Based on the foregoing representations, you now request for another extension of thirty (30) days from January 10, 1995, the date of the last extension requested, within which to file the Estate Tax Return and to commence payment of the estate tax which you requested to be paid in installments. cdta In reply, please be informed that in view of the above justifiable reasons, your request for another extension of thirty (30) days from January 10, 1995, the date of the last extension requested, within which to file the Estate Tax Return and to commence payment of the estate tax, which was requested to be paid on installments, is hereby granted. However, the estate is subject to the payment of 20% interest on the estate tax due pursuant to Section 249 of the Tax Code, as amended. Very truly yours, LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue