Audit/Verification of 2001 and 2002 Tax Returns

August 21, 2002 REVENUE MEMORANDUM CIRCULAR NO. 32-02 SUBJECT : Audit/Verification of 2001 and 2002 Tax Returns TO : All Internal Revenue Officers and Others Concerned In order to provide prompt service to taxpayers, the audit/verification and processing of the following tax returns covering taxable years 2001 and 2002 shall be immediately undertaken by the concerned investigating offices/divisions: 1. Estate/donor's tax returns; 2. Capital gains tax returns including expanded withholding tax returns and documentary stamp tax returns covering the sale/transfer of real property and shares of stocks; 3. Returns of taxpayers retiring from business; 4. Returns of taxpayers undergoing mergers/consolidations/split-ups/spin-offs and other types of corporate reorganizations; and 5. Returns involving claims for tax credit/refund. The audit policies and guidelines prescribed under existing Audit Programs for taxpayers under the jurisdiction of the Large Taxpayers Service and Revenue District Offices shall be observed by all concerned. All internal revenue officers and others concerned are enjoined to give this Circular as wide a publicity as possible. (SGD.) CORNELIO C. GISON Acting Commissioner Bureau of Internal Revenue