BIR Ruling [UN-196-A-95]

May 30, 1995 BIR RULING [UN-196-A-95] Mr. Jocam Joseph C. Jocson Villa Socorro Subdivision 6100 Bacolod City S i r : This refers to your letter dated March 16, 1995 stating that Mr. Remberto T. Jocson died on April 19, 1994 in Bacolod City; that he left properties both real and personal situated in Bacolod City and Province of Negros Occidental with an estimated value of P3,500,000.00; that the deceased left a holographic will which is pending probate in the Regional Trial Court Branch 48, Bacolod City under Special Proceeding No. 94-8415 entitled "In the matter of the petition to approve the will of Remberto T. Jocson"; and that no heir can withdraw the money from the bank deposits of the deceased to pay the estate tax. Based on the foregoing representations, you now request for an extension of time within which to pay the estate tax. In reply, please be informed that in view of the above justifiable reasons, your request for extension of time within which to pay the estate tax due from the Estate of the late Remberto T. Jocson is hereby granted for a period not exceeding five (5) years, pursuant to Section 84(b) of the Tax Code, as amended. It shall be understood, however, that the estate shall be liable to pay the corresponding interest that has accrued up to the full payment of the estate tax and surcharge, whenever appropriate is imposed. Very truly yours, LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue