CTA Case No. 5803 (Decision)

REPUBLIC OF THE PHILIPPINES COURT OF TAX APPEALS QUEZON CITY ASB REALTY CORPORATION, Petitioner, -versus- C.T.A. CASE NO. 5803 COMMISSIONER OF INTERNAL Promulgated : REVENUE, Respondent. ?J;/fO/f?t~ilJ?~ X-----------------------------------------------------------X DECISION Before Us for consideration is a Petition for Review, seeking for a refund of the amount ofP61,813,719.00, representing alleged excess unutilized creditable income taxes for the taxable years 1996 and 1997. The antecedent facts are as follows: Petitioner is a domestic corporation duly organi zed and existing under and by virtue of the laws of the Philippines. It is primarily engaged in the business of selling and leasing real estate properties and condominiums and management of the condominium corporations for its finished projects. Records show that on April 15, 1997, Petitioner filed its Annual Corporate Income Tax Return for calendar year 1996 declaring therein the amount of P 15,748,586.00 as excess and/or unutilized creditable income tax (Exhibit "A"), computed as follows: 1281 J

DECISION- CTA CASE NO. 5803 PAGE2 Taxable Income p 1,409,265. 00 p 1,588.484.00 14,895,290.00 555,969.00 Tax Due 16,304,555.00 Less: Tax Credits p 15,748.586.00 (a) Prior year's excess credit (b) Creditable tax withheld Total Amount Refundable In the said return, Petitioner indicated its intention to carry over and apply its unutilized creditable income tax for the succeeding taxable year 1997. On April 15, 1998, Petitioner filed its Annual Corporate Income Tax Return for calendar year ended December 31, 1997. The said return was subsequently amended on April 30, 1998 (Exhibit "C"). In the amended return, ?etitioner declared a net loss of P10,539,728.00 and total tax credit/payments ofP61,813,719.00 broken clown as fo llows: a) Prior Year's Excess Credits- P15,748,585 .00; and b) Creditable Tax Withheld- P46,065 ,134.00 Since Petitioner was at a net loss position at the end of taxable year 1997, it clecidccl to claim a refund of the aforesaid excess creditable income tax in the amount of P61,813,719.00. Accordingly, an administrative claim for refund was filed by the Petitioner with the Bureau of Internal Revenue on September 16, 1998 (Exhibit "F") Considering that the two-year prescriptive period within which to file a judicial claim for refund was about to expire, Petitioner elevated its case to this Court by way of a Petition for Review filed on April 15, 1999. Respondent, in his Answer, advanced the following Special and Affirmative Defenses, to wit: 128 2

DECISION- CTA CASE NO. 5803 PAGE3 "5 . Petitioner's claim for refund is under investigation by respondent Commissioner of Internal Revenue; 6. Petitioner's claim has partially, if not totally, prescribed; 7. In an action for tax refund, petitioner must show that taxes were paid erroneously or collected illegally. Failure to sustain this burden is fatal to the action for refund; 8. Well-settled is the rule that claims for refund are construed strictly against claimants, since they partake of the nature of an exemption from taxation (Resin, Inc. vs. Auditor General, 25 3CRA 754); 9. Claims for refund are construed strictly against the claimants since they are in the nature of exemption from taxation (Manila Electric Co. vs. CIR, 67 SCRA 151 ); 10. Taxes are presumed to have been paid in accordance with law, hence not refundable." The sole issue in this case is whether or not Petitioner was able to substantiate its claim for refund of alleged unutilized creditable taxes withheld at source in the amount of P61,813,719.00 for taxable years 1996 and 1997. Anent the aforesaid issue, this Court has 111 several cases, namely : Citytrust Finance Corporation vs. The Honorable Commissioner of Internal Revenue, CTA Case No. 4134, November 11, 1991; affir�med by the Court of Appeals in Citytrust Finance Corporation vs. Court of Tax Appeals and the Commissioner of Internal Revenue, C.A. G.R. SP No, 28239, March 14, 1994; and Citytrust Finance Corporation (formerly Investor' s Finance Corporation/FNCB Finance) vs. Commissioner of Internal Revenue, CTA Case No. 4046, Febmary 24, 1993; affirmed by the Court of Appeals in Commissio ner of Internal Revenue vs. Citytrust Finance Corporation (former�Iy Investor's Finance Corp./FNCB Finance) and the 1 28..)

DECISION- CTA CASE NO. 5803 PAGE4 Court of Tax Appeals, C.A. G.R. SP No. 31104, April 18, 1994, laid down the following guidelines for the grant of the claim for refund , viz: (1) That the claim for refund is filed within the two-year reglementary period pursuant to Section 230 of the Tax Code, as amended ; (2) That the income upon which the taxes were withheld were included as part of the gross income declared in the income tax return of the recipient; (3) That the fact of withholding is established by a copy of the statement duly issued by the payor to the payee showing the amount paid and the amount of tax withheld therefrom. The foregoing requirements were affirmed by the Supreme Court in the case of Citibank, N.A. vs. Court pf Appeals and Commissioner of Intea�nal Revenue, 280 SCRA 459. We now discuss Petitioner's compiiance with the aforesaid requisites ad seriatim. It is beyond cavil that Petitioner seasonably filed its claim for refund since the records of this case show that the administrative and the judicial claims for refund were filed on September 16, 1998 (Exhibit F) and April 15, 1999, both within the two-year period of prescription reckoned from April 15, 1997 and April 15 , 1998, the dates when Petitioner's final adjustment returns for the years 1996 and 1997, respectively, were filed . However, We found out that Petitioner's claim of prior year's excess credit of P1,409,265.00 for the year 1995, which was included in the present claim, is already barred by prescription, the claim having been filed beyor. j two years from the date it filed its final Adjustment Return on July 1996. Proceeding now to the second requirement, the documents submitted by the Petitioner disclose that it derived income from its sales of real properties, rental and management services from which creditable taxes were withheld. During the trial ,

DECISION- CTA CASE NO. 5803 PAGES Petitioner presented in evidence the ammal income tax returns for taxable years 1991 to 1997. In order to prove that the income on its sales of real properties upon which the taxes were withheld were declared as part of its gross income in its income tax returns, Petitioner, in support of the return, offered in evidence schedules of prepaid taxes and the sales summaries for the years 1996 and 1997 (Exhibits ZZZZZZ and AAAAAAA) indicating therein the year when the income was reported . This Court disallows the creditable withholding taxes corresponding to the income allegedly included in the 1991 to 1995 income tax returns for failure of the Petitioner to present any sales summary .or schedule for the aforesaid years from which this Court could verify the amount included by the Petitioner in its return. Anent its income derived from rental of properties in the amount of P 11,251 ,572.40 and P14,907,005.20 during taxable years 1996 and 1997, respectively, we are convinced that Petitioner properly declared the aforesaid income in its income tax returns. The income for 1996 was included as part of Petitioner's gross income declared in its 1996 ammal income tax return under the heading "Other inc0me" while its rental income for the year 1997 was reported under Section C, Schedule 3 (Exhibit C-4) of its 1997 annual income tax return. With regard to its income from management services, Petitioner, likewise declared in its return for 1996 as part of its gross income the amount of P 1,393,920.00 from which taxes were correspondingly withheld. The said amount was declared under the caption "Other income". However, We disallowed the amount of P93,765.00, the creditable taxes corresponding to Petitioner's 1997 income from management services amounting to Pl ,875,312.00, since the latter amount was not reflected ~ n its 1997 income tax return.

DECISION- CTA CASE NO. 5803 PAGE6 Finally, to establish the fact of withholding, Petitioner presented in evidence various Monthly Remittance Returns of Income Taxes Withheld (BIR Form No. 1743 W) (Exhibits W to Z, AA to ZZ, AAA to III, CCC to ZZZ, AAAAA to ZZZZZ, AAAAAA to QQQQQQ) with the attached List of Income Taxes Withheld stating the names of the buyers of the real properties, the amount paid and the corresponding taxes withheld but this Court is still not inclined to grant the entire claim due to the absence of Certificates of Creditable Tax Withheld at Source which We consider as the best evidence to prove the fact of withholding. Hence, We disallowed those creditable taxes withheld without the corresponding certificates in the total amount of P12,474,844.91 for taxable years 1996 and 1997. Likewise disallowed were income payments in which the Petitioner failed to fully substantiate the inclusion of the incom~ in the corresponding internal revenue tax returns. This amounts to P29,403 ,284.86. (see Annexes "A" and "B" forming part of this Decision). Prescinding from all of the above, We grant the claim but only in a reduced amount of P 18,432,558.63, computed as follows : Amount Claimed p 61 ,813,719.00 Less : Disallowances (a) Barred by prescription P I,409,265 .00 (b) Non-declaration of 1997 management fees (Annex B) 93 ,765.60 (c) No supporting document 1996 (Annex A) P I,806,440.96 1997 (Annex B) 10,668,403.95 12,474 ,844 .91 (d) Inclusion of income in 1991 to 1995 ITRs not fully substantiated 1996 (Annex A) P 9,483,726 .91 1997 (Annex B) 19,919,557 .95 29,403,284.86 43,381,160.37 Amount Refundable P 18.432,55.8M 128

DECISION- CTA CASE NO. 5803 PAGE 7 WHEREFORE, in view of all the foregoing, Respondent is hereby ORDERED to REFUND or in the alternative to ISSUE A TAX CREDIT CERTIFICATE in the amount of P 18,432,558.63 in favor of the Petitioner representing excess unutilized creditable withholding taxes for taxable years 1996 and 1997. SO ORDERED. ~LQ-C_~ ERNESTO D. ACOSTA Presiding Judge WE CONCUR: (2~~(2-~.Q JJ'uANITO C. CASTANEDA, 6f{. . Associate Judge CERTIFICATION I hereby certify that the above decision was reached after due consultation with the members of the Court of Tax Appeals in accordance with Section 13, Article Vlll of the Constitution. ~ � LQ, 0~ ERNESTO D. ACOSTA Presiding Judge 1287

ASB REALTY CORPORATl ON SCHEDULE OF ALLOWA3LE CREDITABLE TAXES WITHHELD AI.JNEX A December 31, 1996 YEAR TOTAL ALLOWABLE DISALLOWANCE TAX INCOME NATURE OF TAX DISALLOWANCE WITHHELD ~ CREDIT EXHIBIT REPORTED INCOME A B 15,246.00 p ASIAN MANSION H, I 1996 Management fee p 21,780.00 p p p 15,246 .00 1996 Management fee 10,890.00 21 ,780.00 PERLA CONDOMINIUM CORP J. K 1996 Management fee 21 ,780.00 1 ,894 .68 ,... 1.894 .68 10,890.00 1996 Management fee 101 ,052.60 21,780.00 PRINC TOWER L. M 1996 1,894 .6 8 101 ,052 .60 20,988.00 1996 Rental fee 20,988 .00 1 ,26 3 . 12 1 . 2 6 3 . 12 TIFFANY MANSION N.O 1996 Rental fee 101 ,052.60 57 , 142 .92 195,671 .61 1996 Rental fee 57,142 92 15 ,7 5 0 . 0 0 AIDA S.T . GARCIA NO EXHIBIT 1996 Rental fee 1,263 .12 7 ,562 .50 1996 Rental fee 195,671 .61 631 .56 A.M. ORETA & COMPANY p 1996 Rental fee 2,526.24 72 ,000 .00 1996 Rental fee 57 , 142 .9 2 6.469.47 AMERICAN INT'L NO EXHIBIT 1996 Rental fee 15 ,750 .00 1996 Rental fee 7,562.50 3 , 7 8 9 .48 ANASTACIA TANADA YAM NO EXHIBIT 1996 Rental fee 76,468 .00 c.o BANK OF SOUTHEAST AS IA Q 1996 Rental fee 631 .56 107,222 .50 CANACINTL 1996 Rental fee 2,526.24 51,119.70 C() NO EXHIBIT 1996 Rental fee 6,469.47 149,317.93 1994 Rental fee 72,000.00 91,177 .92 ':\.! C-E CONSTRUCTION CORP R Sale of property 3,789.48 58,472.00 rl 1991 76,468 .00 1 1 0 , 2 4 5 .49 GF & PARTNERS s 1992 Sale of property 107,222.50 27,758 .47 1994 Sale of property 51,119.70 34,765.55 JOSEPHINE YAM NARCISO NO EXHIBIT 1994 Sale of property 1 4 9 ,317 .93 631 .56 45,903.21 1994 Sale of property 91,177 .92 2 ,526 .24 OSCAR HATLEN NO EXHIBIT 1993 Sale of property 58,472.00 6 ,469.47 2,587.53 1993 Sale of property 110,245.49 3,789.48 179,332.50 PERLA MANSION NO EXHIBIT 1993 Sale of property 2 7 ,7 5 8 . 4 7 76.468 .00 PHILIPP MORRIS PHILS T 1992 Sale of property 34,765.55 1,046.56 SPS N. & S. SUNGA 1993 Sale of property 45,903.21 91 ,177.92 150,018.75 NO EXHIBIT 1993 Sale of property 2,587.53 1993 Sale of property 179,332.50 34 ,765.55 52,696.46 VICTORIA MILLING NO EXHIBIT 1994 Sale of property 1,046.56 2 ,587.53 1 0 7 ,2 2 2 .5 0 1 0 8 , 5 4 8 .64 A A S. RASHID AL H0T)' 1995 Sale of property 150,018.75 1,046.56 51,119 .70 44 ,658 .00 w 1991 Sale of property 52,696.46 Sale of property 108,548.64 52,696 .46 149,317.93 AFRICA L. ALFONSO FFF 44,658.00 1 0 8 ,5 4 8 .64 AMELIA N. VALENCIA FFF 58,472.00 ANASTACIA TANADA YAM NO EXHIBIT 110,245.49 ANDRIE G. CORDOVA EEE 27,758.47 ANGELO R. GELANO BBB 4 5 ,9 0 3 .21 ANTONIA N. ESCALER EEE AAALARILLA NO EXHIBIT 179,332.50 BALBI NO K. HERNANDO BBB 150,018.75 BALIBAGO WATERWORKS NO EXHIBIT 44 ,658.00 BELEN BELICENA Ill BENEDICTO CO GENERAL NO EXHIBIT BOANERGESLECHUGA X BRIGHT STAR NO EXHIBIT CABRERA ENTERPRISES NO EXHIBIT CARMENCITA HASTANAND Y,EEE 1 of 4

CARMITA MARTIN Z. EEE 1994 Sale of property 44,380.50 44 ,380.50 44 ,380.50 FFF 19 9 1 Sale of property 38,029.50 38,029 .50 CELESTINE BARETTO CCC 1991 Sale of pro;Jerty 162 ,395 .75 162,398 .75 38 ,029 . 50 AAA. 1994 Sa le of property 59,029 .06 59,029.06 CELIA E. LE UTERIO 1994 Sale of property 22,248.06 16 2 ,398 .75 NO EXHIBIT 1993 Sale of property 44 ,029.50 44 ,029 .50 CHE UNG CHI HAN G Ill 1993 Sale of property 44,029.50 44 ,029 .50 59,029 .06 1994 Sale of property 22 ,825.13 CODE RED HHH 1994 Sale of property 30,704.02 22.248 .06 30,704 .02 22,248 .06 NO EXHIBIT 1994 Sale of property 43.m .8o 22 ,825.1 3 43,777 .80 C., J. L & MA. C. ESTEBAN 1993 Sale of property 44,029 .50 EEE 1995 Sale of property 3,050.05 3 ,0 5 0 .0 5 - CRISPIN B. LACSON , JR. AA 1995 Sale of property 125.982.81 44 ,029.50 NO EXHIBIT 1993 Sale of property 105 ,8 7 0 .72 1 2 5 ,9 8 2 . 81 CRO-MAGNON COMPANY BBB 199 4 Sale of property 14,247.64 27,3 38 .98 1 4 , 2 4 7 .6 4 22 ,825 .13 HHH, I/1 19 9 3 Sale of property 105 ,262.50 54 ,514.04 CYNTHIA ANONUEVO HHH 1994 Sa le of property 117,593.94 44 ,380.5 0 105,262.50 30 ,704 .02 EEE 1995 Sa le of property 117,593 .94 DAN LIBUNAO FFF 1994 Sale of property 597.57 58 ,182.96 43,777.80 BB , YY 1993 Sale of property 112,620.00 12 , 1 0 0 .6 6 597.57 DIAMOND VENTURES INTL GG , BBB 1991 Sa le of property 48,169.50 112,620.00 3,050.05 NO EXHIBIT 199 4 Sa le of property 105 ,870.72 DIN/A BORILLO FFF 1994 Sa le of property 148,073.42 48,169 50 125,982.81 HHH 1994 Sale of property 38,029.50 D.G . CARREON COMML NO EXHIBIT 1993 Sa le of property 27 ,338.9 8 1 4 8 ,0 7 3 . 4 2 14,247 .64 NO EXHIBIT 1993 Sale of prc-~erty 54 ,514.04 38,029 .50 ELAIAS TIMBOL FFF 1996 Sale of property 131 ,861 .94 105,262.50 NO EXH IBIT 199 1 Sale of property 44 ,380.50 131 ,861 .94 ELENA V. SISON EEE 1991 Sale of property 87 ,761 .19 117,593 .94 EEE 1995 Sale of property 188 ,794 .06 87 761 .19 EMRAM HOLDINGS CORP CCC 1993 Sale of property 100,988.50 597 .57 CCC 1992 Sale of property 110,997 .75 100,988 .50 ERNESTO CHAN DDD 1991 Sale of property 189,411 .82 110,997 .75 112 ,620 .0 0 (--;") HHH 1994 Sale of property 130,522.84 189,411 .82 E. GOLDE!'IBERG DO 1994 Sale of property 130,522.84 48 , 169 .50 co CCC, EE 1993 Sale of property 8,250.60 EVOLUTIONARY NO EXH IBIT 1995 Sale of property 54 ,864.0 0 8,250.60 105 ,870 .72 ~ FF 1993 Sale of property 58,182.96 5 4 , 8 6 4 .0 0 FELICIA M. NICASIO CCC 1994 Sale of property 148,073 .42 rl EEE. GG 1995 Sale of property 4 ,151 . 1 6 4 ,151 .16 FELICITAS MONTENEGRO HHH 1993 Sale of property 35,455.80 3 5 ,4 5 5 . 8 0 38,029 .50 NO EXHIBIT 146,227.50 146.227.50 FINCHLEY DESIGNS, INC HHH 169,527.84 169,527.84 27 ,338.98 12,100.66 FIVE EB RESOURCES , INC XX 9 ,0 4 0 . 2 2 54 ,514 .04 9,040.22 753.17 FLORANTE A ASERON 753 . 17 131 ,861 .94 GENE ANTHONY C. BASA 44 ,380.50 GUO PING PING 87,761 .19 JAIME LIM SE CHUN 188 ,794 .0 6 JAIME YOUNG 100,988.50 JESUS LUIS ALDEA 110,997 .7 5 JI-SUB CHUNG 189,411 .82 J. & E. DYCHIOCO 130,522.84 J., J . & J. REY ES . ., 8 ,250 .6 0 JOEL ESGUERRA 54 ,864 .00 JONATHAN JOSEPH NG YU 58 ,182.96 J. V. T YAM-NARCISO 4 ,151.16 JOSE BERMUDEZ 35,455 .80 JOSEFINA GONZALES 146,227.50 JULIO JALANDONI 169 ,527 .84 KASIKATAN PATIS MFG 12,100.66 LCM HOLDINGS INC 9,040.22 LEAST COMMON DEVT 753.17 2 of 4

LILIAN JIMENEZ EEE 1994 Sale of property 37,701.44 37,701.44 37 ,701.44 1995 Sale of property 205 ,511.19 205,511 . 19 205 ,511 .19 LORENZO M. ALBERTO FFF 1995 Sale of property 541,135.45 541 ,135.45 1995 Sale of property 102.382.50 102,382.50 102,382.50 LOYOLA PLANS , INC NO EXHIBIT 1994 Sale of property 107.442.55 541 ' 135.4 5 107 ,4 4 2 . 55 107,442 .55 1991 Sale of property 171 ,797.70 44 ,270 .85 171 ,797.70 171 ,797.70 L. BENG & E. DEL FONSO HH 1994 Sale of property 244 ,482.00 35,167 .78 244 ,482.00 244 ,482.00 1993 Sale of property 42 ,379.27 MA. CHARINA SANTIAGO HHH 1994 Sa le of property 42 ,435.58 42 ,435 .58 42 ,435.58 1993 Sa le of property 127,902.50 ... 127,902.50 127 ,902 .50 MA CLARA CANOY EEE 1991 Sale of property 44 ,270.85 1991 Sale of property 44 ,270.85 41 ,350.50 41,350.50 MA ELIZABETH ARNAll Ill 1991 Sale of property 41 ,350.50 109 ,4 8 5 .00 109,485.00 1994 Sale of property 1 0 9 ,4 8 5 .00 41 ,350.50 41 ,350.50 MARIA LOLITA YAMBAO II 1994 Sale of property 41 ,350.50 35,167.78 1995 Sale of property 35,167 .78 167 ,320.58 42 ,379 .27 MARIE FELICITAS LAGMAN FFF 1994 Sale of property 4 2 ,3 7 9 .2 7 137,645.08 167 ,320 .58 1993 . Sa le of property 1 6 7 .3 2 0 .58 179,332.50 137 ,645 .08 M. ABDULLAH HARYATI NO EXHIBIT 1994 Sale of property 1 3 7 ,645 .08 107,222 .50 179,332.50 1994 Sale of property 179,332.50 107,222.50 107,222.50 MAY AILEEN UY JJ, CCC 1994 Sale of property 107 ,2 2 2 .5 0 44,380 .50 107 ,222 .50 1991 Sale of property 107,222.50 44 ,658 .00 44 ,380.50 MENAN ORO TANJUTCO FFF 1994 Sale of property 44 ,380.50 44 ,658.00 1994 Sale of property 44 ,658 .00 3 , 4 8 3 .4 2 MICHIKO DOMINGO HHH 1996 Sale of property 1 7 4 , 4 3 7 .6 3 3,483.42 1993 . Sale of property 3,483.42 174,437 .63 NECO INDUSTRIES NO EXHIBIT 1995 Sale of property 1 7 4 , 4 3 7 .6 3 229 ,674.49 1995 Sale of property 2.834,450.00 40,256 .79 229,674 .49 NEGROS NAVIGATION CO. NO EXHIBIT 1992 Sale uf property 229 ,674.49 40,256 .79 1995 Sa le of property 333,277.42 N. TESORO, JR. E. ARENAS DOD 1995 Sale of property 40,256 .79 125,141 .00 333,277.42 1992 Sale of property 333 ,2 7 7 . 4 2 96 ,624 .13 125,141 .00 NORBERTO GERALDEZ EEE 1995 Sale of property 125,141 .00 107 ,6 9 6 . 1 7 96 ,624 .13 0 1995 Sale of property 105,055.25 107,696 . 17 PATRICK JOHN ANG KK 1991 Sale of property 96 ,624.13 118,944 .95 105,055 .25 en 1992 Sale of property 107 ,6 9 6 . 17 291 ,538.47 118,944 .95 PEARL PROPERTIES LL,FFF 1994 Sale of property 1 0 5 , 0 5 5 .25 49 ,77 8 .55 291,538 .47 "-! 1994 Sale of property 118,944.95 32,855.40 49,778.55 P. & N. CUENCO GGG 1993 Sale of property 291 ,538.47 107,222.50 32,855.40 .....-i 1991 Sale of property 107,222.50 PETRONILO VILLALUZ FFF 1994 Sale of property 49,778.55 57 ,98 5.44 57 ,985.44 32,855.40 42,998 .55 42,998.55 P. LIM, TRUSTEE GGG 107,222.50 38,029.50 38 ,029 .50 57 ,985.44 107 ,2 2 2 .5 0 107 ,222 .50 RAMON YAM MM 42,998.55 38,029.50 REGINA PADILLA GERALDEZ EEE 107 ,2 2 2 .5 0 RIZAL COMMERCIAL U,V 2,834.450 00 ROBERT LEE EEE ROSARIO TEOTICO AAA RUFINO TIANGCO BBB RUPERT JACINTO NN SALUSTIANA BANGAYSIAO EEE S. SIGGAOAT & A PONIO FFF SOCORRO VALDECANTOS AAA SONIA CRUZ Ill SPS. A & E. PACHO EEE SPS A & N. CAMILLO CCC SPS A & V. LA MADRID 00 SPS D. & B. LIM PP , EEE SPS D. & E. HULAR EEE SPS E. & M. CARLOS EEE SPS E. & R. SEGUNDO QQ, EEE SPS E. ,JR. & T. LEJANO RR, EEE 3 of4

SPS E. & S. JAMILI ss 1993 Sale of property 33,80 1.90 33,801 .90 33,801 .90 1996 Sale of property 200 ,209 .14 SPS G. & W. LIM EEE 1994 Sale of property 119,659 .75 119,659 .75 119,659 .75 200, 209 .14 1993 Sale of property 44 ,442.00 44 ,442.00 SPS H. & P. PALISOC XX 1995 Sale of property 44,442 .00 281 ,817.36 281 ,817.36 1995 Sale of property 281 ,817 .36 112,542.50 112 ,5 4 2 .50 SPS J. & T. DYCHIOCO HHH 1991 Sale of property 112, 542 .50 ,. 41,360.25 41 ,360.25 1994 Sale of property 43,117 .06 43 ,117.06 SPS J. & A W AECHTER Ill 1995 Sale of property 41,360 .25 159 ,528 .61 159 ,528 .61 1994 Sale of property 43 ,11 7.06 105,751 .75 105,751 .75 SPS J. & M.C. MENDOZA FFF 1993 Sale of property 159 ,528 .61 33,927 .30 33,927 .30 1995 Sale of property 105,751 .75 128 ,160 .05 128,160.05 SPS L & L DY BUNCIO ODD 1995 Sale of property 33 ,927 .30 145,182.72 145 ,1 8 2 .72 1993 Sale of property 128,160. 05 13 ,8 7 2 .52 SPS L & M. ORETA FFF 1994 Sale of property 1 4 5 , 1 8 2 .7 2 59 ,062 .50 44 ,279 .08 1994 Sale of property 13 ,872 .5 2 120 ,019 .33 9 2 ,9 0 2 .6 0 SPS M. & 0 . ABUBAKAR CCC 1992 Sale of property 44 ,279 .08 135 ,002 .25 59,062.50 SPS OSCAR & J. ARABIT 1993 Sale of property 92 ,902 .60 120 ,0 1 9 .3 3 SPS PEDRO & ARMILA RUBI n 1991 Sale of property 59,062 .50 64 ,333.50 135,002.25 1994 Sale of property 120,019 .33 64,333.50 yy 1995 Sale of property 135,002.25 128,822.50 85 ,853.35 1993 Sale of property 64,333 .50 80,984 .15 128,822 .50 SPS RICHARD & LILIAN CHU EEE 1993 Sale of property 85 ,853 .35 80,984.15 .. 1992 Sale of property 128,822 .50 127 ,839 .8 3 SPS SHINICHI & T. NAGATA FFF 1993 Sale of pr~perty 80,984 .15 - 2,606 .74 ~ 1994 Sale of property 100,532.08 127 ,839 .83 C) STENEL DEVLT CORP NO EXHIBIT 1994 Sale of property 2,606.74 13,872.52 1993 Sale of property 127,839.83 44 ,279 .08 55,175.85 6 ,747.61 i\.1 SUSAN BACULI NO EXHIBIT 1991 Sale of property 92,902.60 100,532.08 rl 6 ,7 4 7 .61 TELENETWORK MEDIA NO EXHIBIT p 100,532.08 8 5 ,853 .35 4 ,653.88 TERESA NGUYEN NGOC 55,175.85 uu 4 ,653 .88 2,606 .74 55 ,175 .8 5 6 ,747.61 T. PARAS & F. DYCHIOCO HHH 4 ,653.88 THC CORPORATION 14,895,289.18 p w - TOMAS CONSUNJI FFF 1,806 ,440.96 p TRIPLEX ENTERPRISES NO EXHIBIT ULRICH NAUMANN FFF UNIWELL ENTERPRISES 1-'1-fH US CONSTRUCTION SUPPLY NO EXHIBIT VALENTIN SANTOS Ill VILLA PAGSANJAN RESORT NO EXHIBIT WILLIAM ROBINSON Ill WILLIAM TAN NO EXHIBIT ZENAIDA MATSUKAWA EEE TOTAL 9 ,483,726.91 p 11 ,290,167.87 p 3,605,121 .31 A No supporting document B Petitioner failed to fully substantiate the inclusion of the income in the ITR. 4 of 4

.. �-�� . . . .{,._- _ :.,.. __ ASB REALTY CORPORATION SCHEDULE OF ALLOWABLE CREDITABLE TAXES WITHHELD ANNEX B December 31, 1997 YEAR NATURE OF PER SUPPORTING PER PETITIONER'S DISALLOWANCE TOTAL ALLOWABLE INCOME INCOME DISALLOWANCE TAX EXHIBIT REPORTE DOCUMENT SCHEDULE A B c i A+B+C! CREDIT ASIAN MANSION LLL 1997 Management fee p 16,770.60 p 16,770.60 p p p 16,770.60 p 16,770.60 p 1997 Management fee 17,100.00 17,100.00 17,100.00 17.100.00 BSAMANSION MMM 1997 Management fee 23 ,958 .0 0 23.958.00 3, 175.000.00 12,58383 23 ,958 .00 23,958.00 1997 Management fee 11 ,979.00 11,979.00 7,176,050 00 219,518 25 11 ,979.00 11,979.00 PERLA CONDOMINIUM NNN 1997 Management fee 23 .956 .0 0 23 ,958 .0 0 23 ,956 .00 23. 958.00 1997 Sale of property 3, 175,000 .0 0 631 .56 3,175,000.00 PRINCE TOWER 000 1997 Sale of property 47 ,223.00 7,176,050.00 7,176,050.00 TIFFANY IAANSION 1997 4,646 .85 31,426 .54 ppp 1997 Rental fee 631 .56 631 .56 1997 Rental fee 366 ,875.71 47 ,223.0 0 1,894 .68 BENJAMIN B. BITANGA NO EXHIBIT 1997 Rental fee 6 ,375 .54 130.70 1997 Rental fee 4,646 .8 5 SOCIAL SECURITY SYSTEM NO EXHIBIT 1997 Rental fee 7,000.00 366 ,875 .71 111 ,157.92 Rental fee 63,157 .96 3.789.48 AIDA GARCIA NO EXHIBIT ~997 Rental fee 6 ,375 .5 4 Rental fee 7.272.72 31 ,428.54 AM. CRETA & CO . 000 1997 Rental fee 47 .223.00 1997 Rental fee 7,000 .0 0 4,646.85 ASS FINANCE RRR 1997 Renta l fee 63,157 .9 6 BANK OF SOUTHEAST ASIA 1997 Rental fee 366 .875 .71 sss 1997 Rental fee 7,272.72 6 ,375.54 1997 1,694 .6 8 BSA SAVINGS BANK TTT Sale of property 7.000.00 130.70 63 , 157.96 CANAC INn INC NO EXHIBIT Sale of property 111,157.92 31,428 .54 7.272.72 C-E CONSTRUCTION CORP yyy Sale of property 3.789 .46 1.894 .68 44,721 61 130.70 DHL AVIATION INC Zll. 2.13672 4 ,273 .44 111 ,157.92 D.M. CONSUNJI , INC AAAA 2,136.72 3.769.48 C\l 4 .2 7 3 4 4 12.583.83 C'J OSCAR HATLEN NO EXHIBIT 2.136 .72 !\l 219.518.25 PERLA MANSION CONDOTEL NO EXHIBIT ........... ROBERT NODDIN NO EXHIBIT SPS N. & S. SUNGA NO EXHIBIT AA ALARILLA DODD 1993 12 ,583 .83 12,583.83 1995 ABDUL AZIZ SALB RASHID I IIIII 1996 219 .5 1 8 2 5 219,518.25 ADELE PROPERTY HOLDINGS 59.67865 59 ,678 .65 "' 59 .6 7 8 6 5 IIIII I jjjjjj LLLLLL MMMMMM 000000 PPPPPP ADIA AGRO INDUSTRY, INC. 1996 Sale of property 139,249.61 I IIIII 6.763.97 6,763.97 jjjjjj 6 .7 6 3 .97 6 ,763 .97 KKKKKK 6 ,763.97 LLLLLL MMMMMM NNNNNN 1 of 23

� � ~! 000000 6,763.97 193,361 .37 193,361.37 193,361 .37 pppppp 6,763 97 6,763.97 aaaaaa Sale of property A.F. BUAN & COMPANY 1995 407,631.99 I IIIII 12.654.69 JJJJJJ 12 ,844 .51 514 ,346.96 514 ,346.96 514 ,346 .9 6 514 ,3 4 6 .9 6 KKKKKK 13,037 .18 6 ,430.80 6,430 .80 6 ,430.80 6 ,4 3 0 .8 0 LLLLLL 13,232.74 MMMMMM 13,431 .22 107.=.50 107 .222.50 107, 222.50 107 .2 2 2 .5 0 NNNNNN 13,632 .6 9 1,862.75 1,862.75 1,862.75 1,8 6 2 .7 5 000000 13 .837 . 1 9 pppppp 14 ,044 .7 5 105,782.50 105,782.50 105,782 .5 0 105.782.50 3 0 5,6 2 5 .9 8 3 0 5 .625 .98 3 05 ,6 2 5 .9 8 305 ,6 2 5 .9 8 aaaaaa Sale of property 118,179.39 118,179.39 118.179.39 118,179.39 AFRICA ALFONSO FFFF 1991 Sale of property 297 ,0 5 0 .8 0 217 ,568.58 ALEXANDER NARTATES I IIIII 1994 Sale of property 16,683.53 ALFREDO SANTOS JR. EEEE 1994 Sale of property 209 .332.50 ALFREDO VALENTIN LIM HHHH 1997 Sale of property 86,008 .50 I �":) ALLIANCE COMMODITIES IIIIII 1995 Sale of property t:""J ANA MARIA SANSON HHHHHH 1994 Sale of property ~ 84 .384 .6 8 3,714 .6 0 .-1 7 ,429 .2 0 ANCOR CONDOMIN IUM 1996 3 ,714 .6 0 7,429.20 111111 3,714 60 1 1 0,386 .8 8 110 ,386 .88 1 1 0,3 8 6 .8 8 JJJJJJ 190,573.10 190,573.10 190,573.1 0 LLLLLL Sale of property 2 9 7 ,0 5 0 .8 0 291 .05080 MMMMMM 217 ,568 .5 8 217 ,568.58 000000 Sale of property PPPPPP 16.683.53 16,883.53 Sale of property ANGELA KIM & MELVA NATH GGGGGG 1996 Sale of property ANGELA PANOTES 000000 1995 297 ,050.80 Sale of property 217 .568.58 ANITA MASAKAYAN MMMMMM 1995 17,393.26 16 ,6 8 3 .5 3 ANTONIA ESCALER GGGG 1993 191 ,939.24 ANTONIO TINSAY 1994 Sale of property 1111 111111 Sale of property 2 0 9 ,332 .5 0 2 0 9 .332 .5 0 2 0 9 ,3 3 2 .5 0 86,008 .5 0 86.008.50 86 ,0 0 8 .5 0 ANTONIO VILLASENOR MMMMMM 1992 ARMAL REALTY DEVT CORP 1996 2 of 23

IIIII I 145 ,285 .29 201 ,760.65 201 ,760.65 201,760.65 JJJJJJ 7,059.42 KKKKKK 7,059.42 LLLLLL 7,059.42 MMMMMM 7,059.42 NNNNNN 7,059.42 7,059.42 000000 7,059.42 pppppp 7.059.42 OOQQQQ Sale of property 26,192.13 ARSOL REALTY CORP 1996 55 ,769 .37 1,045.88 AV CASTILLO & SONS 111111 2.239 .10 �~ BACOLOD CARMEL 111111 1,045.88 JJJJJJ 2 .239 .10 t';"J "' JJJJJJ 1,045.88 KKKKKK 2 ,239 . 10 .f..\..l. BGMRD.INC. KKKKKK 1.045.88 LLLLLL 2.239.10 108,241 .34 108,241 .34 108,241 .34 LLLLLL 1,045.88 218.292.00 218 .292 .00 MMMMMM 2.239.10 MMMMMM 1.045.88 NNNNNN 2,239.10 NNNNNN 1,045.88 000000 2.239.10 000000 1,045.88 PPPPPP 2.239.10 pppppp Sale of property QQQQQQ QQQQQQ Sale of property 173 ,890 .54 IIIII I 1995 17 ,332 . 57 218 ,292 .00 218 .292.00 17 .592 .56 1996 17 ,856 .44 18.124.29 IIIII I 37 ,068.25 300.816.82 300 ,816.82 ... JJJJJJ 18.952 . 17 KKKKKK 300,816.82 LLLLLL Sale of property MMMMMM 71 ,900.45 3,467 .16 000800 6,934 32 pppppp 3.467 16 3,467 .16 1997 6,934 .32 3.467 .16 111111 99,637 .73 99 .637 .73 99.637 73 JJJJJJ LLLLLL 3 of 23 MMMMMM NNNNN N 000000 ppppp p

BAUBAGO WATERWORKS JJ JJ 1992 Sale of property 11 ,127.79 11 ,127.79 11 ,127.79 11,127 .79 BANK OF FLORIDA 1997 Sale of propa-ty 463,961 .94 KKKKKK (463,961.94) 852,172.25 852 , 172 .25 852.172.25 Llllll 678 ,22<.6 5 MMMMMM 43.48S.90 NNNNNN 43_48S.90 43 ,4 8 i i 9 0 000000 43.486.90 pppppp QQQQQQ BARBARA NG GGGGGG 1993 Sale of prope:ty 107 ,222.50 107 .222 .50 10 7 ,222 .5 0 107 ,2 2 2 .50 BELLCAT CORPORATI ON 1997 Sale of property 109,133.04 KKKKKK 5.209.98 135,976.24 135,976.24 135,976.24 5,288.13 Llllll 10.815.41 MMMMMM 5.523.68 000000 pppppp BENNOR PROPERTIES KKKK 19S4 Sale of property 41 ,082.69 41 ,082.69 41 ,082.69 41 ,082.69 112.620 00 BERTUTE SARABIA GGGGGG 1994 Sale of propa-ty 112.620.00 112,620.00 112,620.00 !.,(') 134 ,952 .31 BJS VENTURES CORP. 1994 Sale of property 124,199.59 ,:;) MMMMMM 76 ,975 .31 134,952.31 57,977.00 76 .975 .31 ,- \l or-1 BRAINTRUST ASSOC. IIIIII 1995 Sale of propa-ty 124,199.59 124,199.59 124,199.59 B. JOHNSON & P EDWARDS 19 9 ~ Sale of prooerty 111111 53 ,138.72 IIIII I 4< .38:1.5 0 97 .519.22 97 ,519.22 97 ,519 .22 97 .519.22 BULACNIN PROPERTIES 1995 Sale of prope-ty 111111 222.60582 JJJJJJ 9,1 10.10 KKKKKK 9.246.75 ' -i LLLLLL 9,385.45 MMMMMM 9,526 .2 3 '-" NNNNNN 9,669.12 4 of 23 000000 9.814 .16 289,319.00 2 8 9 ,319 .0 0 289,319.00 289 .3 1 9.0 0 pppppp 9.961.37 181 ,673.71 260 ,7 3 2.5 0 CAL DEVLT CORP I IIIII 1995 Sale of property 181 .673.71 181 ,673.71 181 ,673.71 59 ,2 6 5 . 0 0 CARMENISABELFORES GGGGGG 1994 Sale of property 260,732.50 260 ,732 .50 260 .732 .5 0 4< ,455.50 CESAR BARON FFFFFF 1991 Sale of prope'ty 59,265.00 59 ,265 .0 0 59,265.00 CESAR GARCIA 1992 Sale of property 44 ,455 .50 4< ,455 .50 44,455.50 pppppp

' -. ~-.- ' ~ . ..... - ~- -~ ~_...., _ CMB HOLDI NGS & MGT 1995 Sale of property 1,933.84 CRO-MAGNON CO. FFFFFF <:38 ,119 .92 438.119.92 438.119.92 438,119.92 CYNTHIA ANONUEVO 111111 370,424 .7 5 DEMIKK REALTY INC 7,798.24 170,247 .57 DIAMOND VENTURES JJJJJJ 7,915.22 13,325.48 KKJ<KKK 8,033.95 DIOPTIC REALTY CORP LLLLLL 8,154.46 D.G. CARREON COMMl MMMMMM 8 ,276.7 7 NNNNNN 8,400 .9 2 000000 8 ,5 2 6.93 pppppp 8,654 84 QQQQQQ Sale of property LLLL 1994 57 ,065 .92 170.247 .5 7 1 7 0,247 .57 170.247 .57 ro MMMM 1994 56 ,2 9 0 .83 13.325.48 13,325.48 13,325.48 NNNN 56 ,2 9 0 .83 ! ~) 0000 599 .9 9 i\ 1 pppp Sale of property ~ 1996 Sale of property 82,019.58 111111 83,383.26 213 .353 .32 2 1 3 .3 5 3.3 2 213 .3 5 3 .32 111111 11 ,887.49 JJJJJJ 12,087 .7 5 JJJJJJ 11 ,887.49 MMMMMM 12 .087 .7 5 MMMMMM Sale of property 1993 1,302 .21 665.79 GGGGGG 675 .7 8 7,666.70 7 ,6 6 6 .7 0 "' 7 .6 6 6 .7 0 tiHHHHH 685 .91 2 8 2 ,7 1 5 .0 0 696.20 7 ,6 6 6 .7 0 111111 706.84 JJJJJJ 717 .24 2 8 2 , 7 1 5 .0 0 KKKKKK 728.00 l.LLLLL 738.92 MMMMMM 750 .01 NNNNNN 000000 Sale of property pppppp 24 ,5 1 6.31 1994 258 .1 9 8 6 9 QQQQ Sale of property 282.715 00 2 8 2 .7 1 5 .0 0 HHHHHH 4,852.48 4,905.05 1995 4,753.05 5,217 .04 r-FFFFF GGGGGG HHHHHH 111111 5 of 23

DOUGLAS LAWSON JJJJJJ 1994 5,066.20 4 0 ,324. 1 0 40,324.10 40,324.10 40 ,324 . 10 5,121 .08 45 ,978.49 45,978.<9 45,978.49 45 ,978.49 KKKKKK 5,176 .56 5,018.77 112.542.50 LLLLLL 2 8 8 .985.73 MMMMMM 213.87 118,575.00 301 ,015.25 000000 Sale of property 19.031 .22 RRRR Sale of property 77,230.96 174,594.11 EAGLE CREDIT 1997 2.264.42 44,380.50 2.298 .3 9 118.575.00 NNNNNN 2.332 .87 84.12664 84 ,126 .64 84 , 126.6 4 000000 Sale of property pppppp 46,453.42 3.552 .74 aaaaaa 3,606.03 EAGLE REALTY 1997 Sale of property 000000 Sale of property 53 ,6 1 2 . 19 53,612.19 53,612.1 9 pppppp 117 ,6 2 4 .87 112.542.50 112.542.50 171 .360.86 QQQQQQ Sale of property EDMUNDO ISIDRO PPPPPP 1994 112,542.50 -,..... Sale of property EF REALTY CORP I IIIII 1995 '~) E. MICHAEL G. HOPE IIIII I 1992 Sale of property 288 ,985 .73 288,985.73 288,985 73 0J TTTT Sale of property 118,575.00 118,575.00 66 .92 4 .78 301 ,01 5.25 301 ,015.25 118,575 .0 0 rl 7 ,556 .94 EMMANUEL JAVELOSA MMMMMM 1995 3, 778.47 19,031 .22 19,031 .22 301 ,015.25 EMRAM HOLDINGS CORP. 1993 7 ,556 .94 ssss 1997 3.778.47 19,031 .22 ENHANCED ELEC Sale of property KKKKKK Sale of property 89 ,5 9 5.6 0 89.595.60 8 9 .595.6 0 174 ,594 .11 174.594 .11 LLLLLL Sale of property MMMMMM 44 ,380.5 0 44,380.50 Sale of property 118,575 00 118,575.00 000000 3 ,074 .3 0 pppppp 3 ,120.41 3,1 67.22 E. SANTILLAN & C. LAMBINO MMMMMM 1995 3 ,214 .72 174.594_.!1 3 ,262 .94 44 .380.50 ERNESTO CAPULONG FFFFFF 1994 118.575.00 E. GUILLERMO/? . PARAS MMMMMM 1992 EVOLUTIONARY 1994 FFFFFF GGGGGG HHHHHH IIIIII JJJJJJ 6 of 23

KKKKKK 3,311 .89 4 0 ,092 .53 40 ,092 .53 40,092.53 40, 092.53 Llllll 3 ,3 6 1. 57 MMMMMM 3,411 .99 NNNNNN 3,463.17 3,515.12 000000 3,567.84 pppppp 3.621 .36 aaaaaa Sale of property 117 .655 .24 FAMA REALTY INC I IIIII ,995 167 ,927 .88 335,982.07 335,98207 335 ,982 .07 335,982 .07 co FBD REALTY CORP IIIII I 2 ,462 .22 44 ,380 50 44 ,380.50 44.380 50 44 .380.50 JJJJJJ 1994 3 ,514 .29 : ~) JJJJJJ 1995 2,499.15 203,760.87 203,760.87 203,760.87 203,760.87 KKKKKK 1993 3,567 .0 1 44 ,029.50 44 ,029 .50 44 ,029.50 44 ,029 .50 r'\J KKKKKK 1995 2.536.64 182 ,058.82 182.058.82 182.058 82 182 ,058 .82 Llllll 1993 3 .6 2 0 .51 127.198.00 127 ,198.00 127,198.00 127,198.00 ~ LLLLLL 1994 2 ,574 .6 9 MMMMMM 1994 3,674 .82 10,882 .87 21 .765.74 10 ,882 .87 21 .765.74 '" MMMMMM 1995 2,613 .31 2 .982 .55 2 ,982 .55 2.982.55 2.982 .5 5 NNNNNN 1996 3,729.94 NNNNNN 2 ,652 .51 3 ,297 .04 6 ,594.08 3 ,297 .04 6 ,594 .08 3,785.89 000000 2.692.29 000000 3,842.68 pppppp 2,732 .68 ppppp p 3 .9 0 0 .32 QQQQQQ QQQQQQ Sale of property uuuu Sale of property FELIXBERTO CHAN KlAN MMMMMM Sale of property FERD INAND CO HHHHHH Sale of property FERNANDA AGUILAR vvvv Sale of property FE UNA ILAS GGGGGG Sale of property 10 .8 8 2 .8 7 WWNW 3 ,2 9 7 .0 4 ..,FINCHLEY DESIGNS INC Sale of property FIVE EB RESOURCES INC FFFFFF Sale of property G., E. & MA. V. MINAYA Sale of property 207 ,975.70 xxxx 4,581 .39 4,650.11 GALLOP DEVT CORP. I IIIII JJJJJJ KKKKKK 7 of23

"!'' '; ' LLLLLL 4,719.86 MMMMMM 4 ,790 .6 6 NNNNNN 4,862.52 000000 4,935.46 2 4 6 ,6 0 9.82 246.609.82 246.609.82 pppppp 5 ,009 .49 5.084.63 aaaaaa GASHOUSE MDSG 1996 Sale of property 117,126.33 IIIII I 5,174.42 15a.521.59 158,521 .69 158.521 .69 JJJJJJ 5,174.42 5,174.42 KKKKKK 5,174.42 5,174.42 LLLLU 5,174.42 5,174.42 MMMMMM 5.174.42 NNNNNN 000000 pppppp aaaaaa G.D. FISHING CORP 1996 Sale of property l.j-), GIFFORD CHU IIIII I 77 .302 .68 �. ,�.t JJJJJJ 3.253 .77 3.253.77 10 0 ,0 7 9.07 100.079.07 100,079 07 �-:'\.! KKKKKK 3.253 .77 3,253.77 LLLLLL 3,2 53.77 3,253.77 MMMMMM 3.253.77 NNNNNN Sale of property 47.581 .57 pppppp 30.000.00 aaaaaa 1993 .-4 yyyy 77 ,581 .57 77,581 .57 77,581 .57 77.581 .57 ZZll. GILSON RESOURCES 1997 Sale of property 7 4.225 . 17 I IIIII 3.765 83 3.765.83 JJJJJJ 3.765.83 3,765.83 KKK KKK 3.76 5 .8 3 3,765 .8 3 LL LL LL 3,765 .8 3 3.765 .8 3 MMMMMM ,., NNNNNN 000000 104,362.81 104,362.81 104.362.81 pppppp aaaaaa GINA HANGINON NNNNNN 1996 Sale of property 200,667 91 200,667.9 1 200 .667 .91 GISELA CONCEPCION I IIIII 1995 Sale of property 222 .90 7. 75 222 .90 7.75 222,907 75 222.907 75 GOLDEN GRACES 1996 IIIII I Sale of property J I I Ill 142.093.49 ~ . 7' 1 7 .1 ': 8 of 23

KKKKKK 5 ,802 .8 8 347 ,902.38 347 ,902.38 347,902.38 LLLLLL 5 ,889 .92 MMMIAMM 165.398 .9 7 GREATER MANILA INTL 1996 Sale at property III III 1997 308,449.97 5 2 9,7 47 .70 5 2 9.74 7 .7 0 529 ,747 .7 0 IIIII I 1994 140,641 .99 JJJJJJ 1995 JJJJJJ 1993 1, .476.47 KKKKKK 1994 5,713.41 KKKKKK 1995 LLLLLL 1997 11,646.63 LLLLLL 1995 5,713.41 MMMMMM NNNNNN 11 ,823.36 5,713.41 000000 5,713.41 5,713.41 PPPPPP 5,71 3.41 5,713.41 000000 5,713.41 GREENPEACE DEVLT CORP Sale at property NNNNNN 55,515.06 65,456.94 65,456 .9 4 65.456.94 0 3 .313 .9 6 107.222.50 107 .222 . 50 000000 3,313.96 110.2 74 .24 110.274 .24 �:::::> pppppp 3 .313 .96 126.683.81 . 126.683 .81 ~ 000000 Sale at property .107 ,581 .63 107 .581 .63 rl Sale at prooerty GREGORIO LAINEZ HHHHHH 107 ,222 .50 107 ,222.50 Sale of property 11 0,274 .24 110.274 .24 GUILLERMO CHUTICK MMMMMM 64 ,422.7 1 62.261 .10 126.683.81 126 ~-~3 . 81 GUO PING PING 107 ,581 .63 107.581 .63 Sale at property AAAAA 405.236.86 405,236 .8 6 Sale at property BBBBB ~ 202.618.43 HAIM KATSAV 2 0 2 .618.43 HERMINIA NUOUE Sale at property ccccc 55,586 .7 2 405 .236 .86 405.236.86 3 ,318.32 000000 3 .3 1 8 3 2 3,318.32 HEROES VENTURES Sale of property NNNNNN 65,541 .68 65.541 .68 65,541 .68 100,994 so 000000 102,2 18 .0 9 PPPPPP 3,135.32 3,173.30 000000 HIGH POINT DEVLT CORP I IIIII I IIIII JJJJJJ JJJJJJ 9 of 23

KKKKKK 3,182 34 256 .412 . 13 256 ,4 1 2 . 13 256.412.13 2 5 6 ,412 . 13 KKKKKK 3 .2 2 0 .9 0 LLLLLL 3 ,2 3 0 .08 172,578.17 172 ,578 . 17 LLLLLL 3 .2 6 9 2 1 113.375.67 113.375.67 MMMMMM 3,278.53 MMMMMM 3 ,3 1 8 .2 5 NNNNNN 3 ,3 2 7 .71 NNNNNN 3,36803 000000 3,377 .63 000000 3.41855 pppppp 3 , 4 2 8 .2 9 3 , 4 6 9 .8 2 PPPPPP 3,479.71 3.521 .87 000000 000000 Sale of property 142,768.15 HOME CREATION 19 9 5 3 ,5 3 4 .9 9 3,588.02 111111 3,641 .84 -1 JJJJJJ 3,69647 KKKKKK 3.751 .91 0 LLLLLL 3.808.19 MMMMMM 3,865.31 CQ NNNNNN 3.923.29 000000 ~ pppppp Sale of property 000000 172.578.17 172.578.17 Sale of property 113,375 .6 7 113.375.67 HONG CHAN PHILS NO EXHIBIT 1993 70.633.43 4,234 .21 HTG TECHNOLOGIES INC 1997 4 ,2 3 4 .21 104 .507 11 104 .507 . 11 104 ,507.11 JADE VINE INC 111111 4 .2 3 4 .21 JJJJJJ 4,234 .21 KJOO<KI' 4 .2 3 4 .21 LLLLLL 4 ,2 3 4 .21 MMMMMM 4.234 .21 NNNNNN 4 .2 3 4 .21 000000 PPPPPP Sale of property 248,149.83 ,, 000000 19,713.18 7.703 66 1995 611 .98 7 .819 .21 111111 621 .16 I IIIII 7 ,9 3 6 .51 JJJJJJ 630.48 JJJJJJ 8.055.56 KKKKKK 639 94 KKKKKK LLLLLL LLLLLL MMMMMM MMMMMM 10 of 23

.. ....-.............~- NNNNNN 8 ,176 .29 337 ,987.52 3 3 7 ,9 8 7 .5 2 237,987 .52 337 ,987 .52 64 9.54 NNNNNN 8,299.03 000000 659.28 000000 ppp ppp 8.423.52 pppppp 669.17 aaaaaa 8,549 67 aaaaaa 679.21 JAIME YO UNG DDDDD 1991 Sale of property 42.224 .00 4 2 ,2 2 4 .0 0 42,224 .00 42,224 .00 JESUS TAN HHHHHH 1993 Sale of property 44,442.00 4 4 ,442 .0 0 44 ,442.00 44 .442.00 JIREH HOLDING CORP 111111 1995 Sale of property 195 ,8 4 5 .2 6 195,845.26 195.845.26 195,845.26 JOAN ONG 111111 1995 Sale of property 2 1 7 ,3 4 7 .6 6 2 1 7 ,347 .6 6 217 ,3 4 7.6 6 217 ,347 .66 JOHN CO CONSOLIDATED I IIIII 1996 Sale of property C'J J. & J. FANDIALAN JJJJJJ 1995 71 ,679.69 3,456.35 0 KKKKKK 3 ,456 .3 5 3 ,456 .35 99,330.49 9 9 .3 3 0 . 4 9 99,330.49 ~ LLLLLL 3 ,456 .3 5 4 8 . 1 6 9 .5 0 4 8 , 169 .5 0 MMMMMM 3,456.35 ....-i NNNNNN 3 ,456 .3 5 3,456.35 48.169.50 48 ,169 .5 0 000000 3.456 .3 5 pppppp Sale of property aaaaaa MMMMMM J. J. YU EEEEE 1994 Sale of property 7 9 ,0 3 9 .54 7 9 ,0 3 9 .5 4 7 9 .0 3 9 .54 7 9 ,0 3 9 .5 4 < ,., JONATHAN MFG. INC 1996 Sale of property 92.926.49 I IIIII se.n681 JJJJJJ 3.018 .71 KKKKKK 3,018.71 , LLLLLL 3 ,018 .71 MMMMMM 3 .018 .71 NNNNNN 3 ,018 .71 000000 3 ,018 .71 92 .9 2 6 . 4 9 9 2 ,9 2 6 . 4 9 pppppp 3 ,018 .71 3.018 71 aaaaaa JOSEF INA CASTILLO GGGGGG 1994 Sale of property 179 .332 .5 0 1 7 9,3 3 2 .5 0 179 .332 .5 0 179,332.50 J & F DIVINO DEVLT CORP I IIIII 1995 Sale of property 192,971 .22 192,971 .22 192.971 .22 192.971 .22 JNI CO. INC 111111 1995 Sale of property 197 ,453.26 197,453.26 197 ,453.26 197,453.26 KASIKATAN 1994 Sale of property 11 of 23

GGGGGG 2,233.83 6,906 .09 8,11 8.29 1,212.20 6,906.09 8,118.29 1,142.11 HHHHHH 1.159.24 1,17 53 111111 i.: ;� 1,194.28 JJJJJJ KKKKKK KINGSTON HOLDINGS INC 1995 Sale of property 118,54 1.69 111111 3.680.06 149,575 .02 149 ,5 7 5 .0 2 149.575.02 149.575 02 JJJJJJ 3,735.26 41 ,350.50 41 ,350.50 41 .350.50 41 .350.50 KKKKKJ< 3,791 .29 129,602.43 129,602.43 129.602.43 129.602.43 LLLLU 3,848.1 5 5 5 ,969 .50 55 ,969 .50 55 ,969 .5 0 55 ,969 .50 MMMMMM 3.905.88 194 .205 .74 194 .205 .74 194.205.74 194 ,205 .74 NNNNNN 3.96447 127 .1 4 5 4 1 127,145.41 000000 4,023.93 252.618.56 252 ,618 .56 252.61 8.56 . 252.618.56 pppppp 4.084.29 100.899.00 100 ,8 9 9 .0 0 100 .899 .0 0 100.899.00 QQQQQQ Sale of property LAURA SUAREZ ACUZAR GGGGGG 1992 Sale of property LCM HOLDINGS IIIIII 1995 Sale of property LEONORA BUSUEGO LLLLLL ,994 ( �J Sale of property LINEA FURNITURE INC IIIIII 1995 127,14541 r-:> LIZA DIAZ MANTARING 1997 Sale of property 000000 ("") Sale of property -i Sale of property LORETO YULO MMMMMM 1995 L GALZA & A. FRAGANTE 1992 Sale of property LOYOLA PLANS INC . FFFA' 1995 2.238.77 2,503 .0 8 FFFFFF 2.279.82 "' FFF!TI' 2.548.97 GGGG G r' 2,321 .62 GGGGGG 2,595 .70 HHHHHI I 2 ,364 .1 8 HHHHHI; 2 ,643 .28 2.407 .52 111111 2,691 .74 IIIIII 2.451 .66 JJJJJJ 2,741 .09 JJJJJ .I 2,496.61 KKKKK;: 2,791 .35 2.542 .38 KJ<Kt~K i-. 2, 842.52 :!. 5 8 8.99 Lt.LLLL LLLLLL MMMMM I~ MMMMMM NNNNN:-l 12 of 23

NNN NNN 2 ,894 .6 3 63 ,0 05 .3 9 63,005. 39 6 3 ,005 .3 9 6 3 .0 0 5 .3 9 2,636 46 000000 2 ,947 . 7 0 153 .072 .12 153 ,0 72 . 1 2 0 00000 2 ,684.7 9 48 ,75 0 .5 0 48 ,750 .5 0 PPPPPP 3,001 .74 pppppp 2,734 .01 88 ,059 .0 0 88 ,0 5 9 .0 0 3.056 .7 8 8 ,88 0.00 8 ,880 .0 0 QQQQQQ QQQQQQ 112,620.00 112,6 2 0 .0 0 170,078 .3 5 170,0 7 8 .3 5 LUZVIMINDA PASCUA 1994 Sale of property 234 .773 .22 234.773 .2 2 5 0 ,4 1 9 .3 9 44 ,0 2 9 .5 0 GGGGGG 50, 419.39 153.072.12 153,072.1 2 107 ,222 .5 0 44 .0 2 9 .5 0 GGGGGG 52.233.34 48 ,7 5 0 .5 0 48,750. 50 59,265.00 107,222.50 GGGGGG 59.26500 168 ,369 .1 3 MA. ANDRIE CORDOVA GGGGG 1994 Sale of property 168,3 6 9. 13 MA. CRISTINA CONDE 1994 Sale of property 44 ,0 2 9 .5 0 GGGGGG 44 .029 .5 0 88 ,0 5 9 .0 0 88,059.00 GGGGGG 8,880.00 8,880.00 MA. ELIZABETH ARNAll NO E.XH6TT 1993 Sate of property 112.620.00 112.620. 00 170,078.35 170,0 7 8 .3 5 MA LUISA DIAl FFFFFF 1995 Sale of property 234,773.22 234 ,773 .22 < ; ; ,. . . . . . MA. MARTHA JALANDONI MMMMMM 1995 Sale of property 44 ,029.50 44 .029.50 "'" 107 .222.50 107 .222.50 0 MA. PAZ JAVELLANA MMMMMM � 1995 Sale of property 59 .2 6 5 .0 0 59 . 2~-. 00 ~ rl MA. PILAR REYES <iGGGGG . 1994 �;: Sale of property MA. VICTORIA AMORES ~FF 1993 Sale of property MA. VICTORIA TR'~IIS 000000 1992 Sale of propeny MACCONRI CONSULTING 1995 .. �Sale of property ..; un .. . 133,436.47 J.JJJJJ .. 4 ,142.45 . K!OO<KK .... .l.. 4.204 .59 :.JJ..lU MMMMMI>' 4 .2 6 7 .6 6 . NNNNNN 000000 4,331 .68 PPPF"P 4 ,3 9 6.6 5 QOQQQQ 4 ,4 6 2 .6 0 4.529.54 4,597 49 168,369.13 168,369.13 MAC GRAPHICS : 996 Sa le of property 79.304 95 !IIIII 3,488.12 JJJJJJ 3,488.12 KKKKKK 3.4 8 8 .12 LLLLLl 3 ,4 8 8 .1 2 MMMMMM 13 of 23

000000 6 , 9 7 6 .2 4 103,721 .79 1G3,7;: i.7 9 103,721 .79 pppppp 3 . ~ 68 ~ 2 31 ,259.08 31259 08 � .029.50 �,02950 M. J. & F. NICAS IO HHHHH 1!!93 Sa le of propMy 6.3C8.40 31,259.08 31 . ~59 . 08 MARIETTA PALANCA MMMMMM 1994 6 ,308.40 � .029.50 M. HARYATI Sale of property � .C29.50 MARKET CAPITAL IIIII 1993 6,308.40 6 ,308 .4 0 Sale of property MINA PANGIUNAN 1997 153,147 .22 153,1 ~7 .22 233 ,136 .46 153,147 .22 MMG MGT VENTURES NNNNNN Sale of property 178,392.06 MULTINATIONAL 000000 129,664 .93 MYRA CASAS pppppp 7,827.43 NACA REALTY DEV. 7 ,8 2 7 . 4 3 QQQQQQ 7,827.43 NEGROS NAVIGATION I IIIII 1994 Sale of property 233,1 36.46 233.136.46 233,136.46 187 ,605.35 JJJJJ 1996 116,568.23 187 ,505 .36 187,605.36 178,392.06 5 6 6 ,6 0 0 .8 2 116.568.23 566.600. 82 566 ,600 .82 I IIIII 178,392.06 178,392.06 Sale of property llLLLL 1997 l i") Sale of property 'J NNNNNN 1995 Sale of property ""t) 1996 Sale of property rl 46.1 66.87 I IIIII 2,104.45 63.002. 47 63.002.47 6 3 .002 .47 JJJJJJ 2,1 04.45 KKKKKK 2,1 04.45 "' LLLLLL 2,104 45 MMMMMM 2,1 04.45 NNNNNN , 2.104.45 2,104.45 000000 2.104.45 pppppp QQQQQQ Sale of property 2.01835 1994 2,122.69 2 ,0 7 9 .3 5 FFFFFF 2,166.85 2,1 10.54 FFFFFF 2 ,2 1 9 .6 5 2,1 42.20 HHHHHH 2 ,2 5 2 .9 4 HHHHHH 2 ,17 4 .3 3 2 ,2 8 6 .7 4 111111 2 .2 0 6 .9 5 I IIIII 2,321 .04 JJJJJJ 2 ,2 4 0 .0 5 JJJJJJ KKK KKK KKKKKK LLLLLL LLLLLL NNNNNN 14 of 23

NNN NNN 2 ,3 5 5 .8 6 54 .004 12 54 ,004 . 12 54 ,004 . 12 54 ,004.1 2 4,581.41 181 ,418.00 181 ,418.00 181 .418.00 181,418.00 000000 4 ,8 1 8 .2 5 000000 2 .3 4 2 .37 4 ,97 4.9 2 4 ,974 .92 4.974 .9 2 4.974 .92 pppppp 2 ,4 6 3 .47 43.541 .25 43,541 .25 43.541 .25 43.541 .25 pppppp 2 ,3 7 7 .51 2 .5 0 0 . 4 2 684.479.26 r,n 000000 2.048.62 107,222.50 000000 2. 154 .53 150,825 .0 0 �~ �:'f) GGGGGG Sale of property 58.968.75 GGGGGG .....-i Sale of property NOAH ROBERTO ARCEO LLLLLL 1994 126,157 .56 Sale of property NORBERTO GERALDEZ KKKKK 1994 Sale of property NORMITA OAWANG 000000 1993 102 ,9 2 3 .2 0 4 ,8 9 7 .5 4 PACE DEVELOPMENT 1996 2 , 504 .01 2,541 .57 I IIIII 2 ,5 7 9.6 9 126,157 .56 126.157.56 JJJJJJ 2 , 6 1 8 .3 8 2 .6 5 7 .6 6 KKKKKJ( 2 ,697 .52 2.7 3 7 .9 9 LLLLLL MMMMMM Sale of property NNNNNN 2,988.18 000000 173,239.32 148,190.00 PPPPPP 194.033.66 1 5 6.0 2 8 .1 0 000000 Sale of property PILAR ESPELETA 1995 Sale of property LLLLL 6 8 4 ,479 .26 684,479 26 684,479.26 NNNNNN Sale of property 107.= .50 NNNNNN 150,825.00 NNNI';lN Sale of property 58,968.75 NNNNNN Sale of property PILAR VENTURES INC III III 1996 172 ,6 7 3 .99 172 ,6 7 3.99 172,673.99 Sale of property 102.385.95 PO WAYMAN JJJJJJ 1993 63,358.37 107.= .5o 107 ,222 .5 0 60,321 .04 150.825 00 PUEBLO REALTY CORP MMMMM 1995 3,791 .38 "' 3 ,6 0 6 .5 0 3,791 .38 1 5 0,825 .00 RADIANT SPRING REALTY 000000 1997 102,385 .95 102,385.95 RAMONWISCO MMMMMM 1994 58.968 .7 5 58 ,968 .75 RECOM REALTY CORP 1997 JJJJJJ JJJJJJ KKKKKK KKKKKK LLLLll 15 of 23

LLLLLL 3,606 .50 175,464 .57 175,464 .57 175 ,464 .57 MMMMMM 3.791 .38 1,789.87 1,789.67 MMMMMM 3,606.50 NNNNNN 3,791.38 NNNNNN 3,606.50 3,791 .38 000000 3.606.50 000000 3.791 .38 pppppp 3,606.50 pppppp 3,791 .38 3.606 50 QQOQQQ QOQQQQ Sale of properly R. GERALDEZ NNNNN 1994 Sale of properly 1.789 .8 7 1,789.87 REXES HOLDING CO 45.841 .58 1997 2.191 .55 107.222.50 R. M. ARCE 2,191 .55 102,446.25 RIZAL COMML I IIIII 2.191 .55 61 ,182.43 61,182.43 179,074 .07 61,182.43 r-- R. SIASON & M. LU JJJJJJ 2,191 .55 107 .222.50 107,222.50 2.674 ,500.00 R. BAGABALDO KKKKKK 4,383.10 2,674 ,500 .00 2,674 ,500 .00 8 8.059 .00 �~ ROLEX PLASTIC LLLLLL 2.191 .55 102 .446 .25 102,446.25 5 9 .2 6 5 .00 MMMMMM 179.074.07 179,074 .07 44 .029 .50 �~ "' Sale of properly 000000 ..-i ROQUE GONZALES JR. pppppp Sale of properly ROSALINDA CRUZ R. EVANGELISTA QQQQQQ 1994 Sale of property 107.222.50 KKK 1997 Sale of properly 102,446.25 179 .074 .07 MMMMMM 1994 Sa!� �.of property 143.850.75 NNNNNN 1995 6 .6 6 3 .04 6,663 .04 1995 6 .663 .04 6 ,663 .04 I IIIII 6 ,663 .04 197,155.07 197,155.07 197,155.07 JJJJJJ 6 ,663 .04 6,663.04 88 ,059 .00 KKKKKK 6 .663 .04 59,265.00 44 ,029.50 LLLLLL Sale of properly MMMMMM 44 .029 .50 16 of 23 NNNNNN 44 .029 .50 000000 Sale of properly PPPPPP Sale of property QQQQQQ 1994 GGGGGG 88 ,059 .0 0 88 .059 .00 GGGGGG 59,265.00 59 ,265 .0 0 44,029.50 44 ,029.50 MMMMMM 1993 QQQQQQ 1993

R. BACANI 1993 Sale of property 00000 Sale of propeny 43,770 75 87 ,54 1.50 42.77C -s 4 3,770 .7 5 87, 54 1.50 47 ,992.50 47,9S2 50 47,992. 5:> R. GONZALES MMII.II.MM 1938 Sale of propeny 163,045.35 163, 045.35 163,045. 35 47,9 92.50 216,827 .96 21 6.827.96 107.222.50 ROSBONE CORP IIIII I 1995 Sale of pro peny 107 ,222 .50 107, 222.50 10, 598.37 163,04 5.35 1 15 ,0CO .OC 115.000.00 RUBEN LUGTU GGGGGG 1996 Sale of propeny 10,598.37 10 ,598 .3 7 59 .265.00 21 6.827.96 RURIK PAUL SANTOS KKKKKK 1994 Sa le of propeny 107,2 22 .5 0 R. VILLAROSA ARCHITECTS NO EXHIBIT 1996 Sale of property ,.. 115.000.00 S BANGAYS ISO ppppp 1995 Sale of property 10 ,598 .37 154 ,789 .25 SAN TECHNOLOGY INC 1997 155 ,602 . 11 211,292 .89 000000 154 ,838 .87 c,:) 000000 155 ,656 .22 '~ 000000 155 ,656 .22 000000 155,247 .55 '"'~') 000000 244 ,395.36 000000 180 ,6 02 .81 rl 000000 1 5 5 ,559 .60 000000 156,380.69 4 ,021 ,563.78 4,021 ,563.78 4.021 ,563.78 000000 156,380.69 59.265.00 59.265.00 000000 155 ,970 .14 000000 245,381 .91 000000 214 ,382.17 000000 157, 505 53 000000 158,336 .82 000000 158 ,336 .82 000000 157,921 .22 000000 248 ,045.6 9 000000 489.281 .12 000000 000000 Sale of propeny 000000 Sale of propeny S. ROTEA HHHHHH 1992 81 ,754.91 59,265.00 3,302.83 SBA PROERTIES INC . 1996 3 ,302 .83 3 ,302 .83 I IIIII 3.302.83 108,1n.SS 108,177.55 108,177.55 JJJJJJ 3 ,302 .83 KKK KKK 3 ,302 .83 lllllL 3 ,302 .83 MMMMMM 3 ,302 .83 NNNNNN 000000 pppppp QQQQQQ 17 of 23 --

- ~- - --~ - SC &. C COS~~E7ECH 1996 Sale of propeny 58,717.70 111111 2.359.79 77 ,596.02 77,595.02 77 ,596 .02 JJJJJJ 2,359.79 KKK KKK 2,359.79 LLLLLL 2,359.79 MMMMMM 2,359.79 NNNNNN 2,359.79 000000 2.359.79 pppppp 2.359.79 QQQQQQ Sale of propeny S.P. PROPETIES INC 1996 224 ,08238 9,1 29.10 I IIIII 9,129.10 297 ,115 . 18 297 , 115 . 18 297 ,115. 18 en JJJJJJ 9,129.10 KKKKKK 9,1 29.10 (~ Wlll 9,1 29.10 MMMMMM 9,129.10 rY) NNNNNN 9.129.10 9.1 29.10 rl 000000 pppppp Sale of property QQQQQQ 65.624.17 2.982.92 SSCL PROERTIES 1995 2.982.92 2.982.92 SONIA BRIONES 111111 2.982.92 SOUTHWIND SUGAR 2.982.92 JJ.JJJJ 2.982.92 ::982.92 KKK!<:KK 2.982.92 WllL Sale of property l.IMMMMM . ."'NNNNN Sale of property 000000 Sale of property pppppp Sale of property -QQQQQQ 1992 Sale of property 89,487 .53 89.487 .53 44 .658.00 44 .658 .0 0 8 9.487 .53 44 .029 .50 44 .658 .00 44 .658.00 63 ,157 .92 NOEXHIBir 1997 44.380.50 63 ,157 .92 6 3 . 157 .92 156.262.75 156,262.75 156,262.75 44 ,658 .0 0 SPRINSUN FACTORS INC jjtlll . ' �'� 1995 Sale of property 44 .658 .00 44 ,6 5 8.0 0 ,.,_ 156,262.75 88.410.00 SPS. A & MAR. PUNSALAN - - ~ - �-, 1992 Sale of property 44 ,658.00 192.829.23 103.382.50 SPS A & T DIZON 1994 JJJ.JJ.' 88.410.00 88,410.00 88 ,4 1 0 .0 0 JJ.JJJ.�� 192.829.23 192,829.23 192,829.23 103.382.50 103,382.50 103,382.50 SPS. A & M. MCKENZIE MMMMMM '::�-:: �1995 SPS. B. & L TINIO OOOOC: �. 1994 18 of 23

SPS. B. & MM M. LOP:::.Z 1993 Sale of property 102,362.50 MMMMMM 50,579.25 152,961 .75 152,961 .75 152.961 75 152,961 .75 MMMI.IMM 115,345.57 SPS. D. & M. SOMALI LLLLLL 1934 Sale of property 115,345.57 115,345.57 115.345.57 58. 077.06 54.223 95 SPS. D. & E. HULAR RRRRR 1994 Sale of property 58,077 .06 58,077 .06 58.on.06 112,922.67 SPS. E. & M. CARLOS Sale of property 5 4 . 2 2 3 .9 5 5 4 ,223 .95 5 4 .223 .95 148,190.00 sssss H~93 107,222.50 107 ,222.50 SPS. E.& P. MIRANDA HHHHHH 1934 Sale of property 112,922 .6 7 112 ,922 .6 7 112,922.67 107 ,887.50 136,185.94 SPS E. & A CASTILLO KKKKKK 1994 Sale of property 148,190.00 148,190.00 148,190.00 44 .029 .5 0 SPS. E. & B. VELOSO GGGGGG 1993 Sale of property 107,222.50 107 ,222.50 107,222-50 103.382.50 14.266.05 SPS. H. & R. GO JJJJJJ 1993 Sale of property 107 ,222 .5 0 107.222.50 107 ,222 .5 0 139,273.91' .� SPS. J., JR. & H. DELAROSA MMMMMM 1988 Sale of property 107,887 .50 107 ,887.50 107 ,887.50 3 ,0 9 5 .2 5 0 1,263.44 SPS. J. & E. AVILA JJJJJJ 1995 Sale of property 136,185.94 136,185.94 136,185.94 ~ 107,222.50 �-f) SPS. J. & LGUEVARRA NNNNNN 1993 Sale of property 44 ,0 2 9 .5 0 44 ,0 2 9 .5 0 44.029.50 112.200.00 M SPS. J . JR. & JVICENCIO ' ..-rTTT 1994 Sale of property 103,382.50 103,382.50 103,382.50 48,169.50 SPS. L & J. MA. GALANG! NNNNNN 1991 5 5 .2 2 3 1 3 14,266.05 14.266 05 14,266.05 132 ,494 .8 4 ,, 48 .159 .37 221 ,450.85 wuuu 62.021 .85 1Q nf ?1 Sale of property 121,895.39 SPS. L. & A AMORANTO 1993 Sale of property VlfiNif 88 .694 .6 5 139.273 .9 0 ...50.579 .2 5 88.694 65 SPS. L. & L. OY BUNCIC \IJIWWWW 1991 Sale of property 3 , 0 9 5 .2 5 3 ,095 .25 3.09525 SPS. L & MA. L. ORETA . )O(XXX� . 1994 Sale of property 1.263.44 1.263 .44 1.253 .44 107 ,222 .5 0 '-1 SPS. 0 . JR. & MA E. NA0~\1'. � .QOOOOO �. 1994 Sale of property 107,222.50 107 .222.50 SPS. R. & A GOMEZ �. � .HHH~ �-'�.- 1992 Sale of property 112.200.00 112.200.00 112.200.00 SPS R. & P MUNOZ ' !W~'fM\.1~"1 1994 Sale of property 48 ,169 .5 0 48 .16 9 .5 0 48 ,169 .50 SPS. R. & L. MERCADO � yyvyy_ 1995 Sale of property 132 ,494 .8 4 132,494.84 132.494.84 SPS TAN LIAT HUI & M TA' . 1 ~!>' �"' �1995 Sale of property 221 ,450.86 221 ,450.85 221 .45085 Sale of property 62,021 .85 62,021 .85 62,021 85 SPS. T.& MAT. JARDELEZ.,- � .: �.:.;zzzz.z_ ��.:1992 SPS W . & M. GERBACIA �-' ~ 7:H HH 1994 Sale of property 121,895.39 121 ,895.39 121,895.39

~�- -� - - �---.. - .... � �- __ _..._.... ... -:, SPS. YUNG KWOK WAN AA.AI>J;A 1995 Sale of property 123,972.93 123,572.93 123,972.93 123 ,972 .9 3 STA TERESITA CORP 1 1 6 ,489 .99 ST. HELENA'S INC 1997 Sale of property 306,187 .65 89,558.99 STENEL DEVLT. CORP Llll.ll 5,38620 1 1 6 ,4 8 9 .9 9 1 1 6 ,4 8 9 .9 9 21 ,232.40 MMMMMM 5,386.20 45 .76 5 .3 5 NNNNNN 5,38620 251,649.04 000000 5,386.20 pppppp 5.386.20 QQQQQQ 1995 Sale of property 94 ,448 .28 111111 ... ~ 111111 172,961.40 ~ JJJJJJ 2,034 .63 1"'1') JJJJJJ 3,641 .22 KKKKKK 2.064 .92 rl KKKKKK 3,695.83 Llll.ll 2,095.66 306,187 .65 3 0 6 , 187 .6 5 306,187 55 LULU 3,751 .27 MMMMMM 2, 126.85 NNNNNN 2,158.50 NNNNNN 7,404.03 000000 2, 190.61 000000 3 ,922 .62 QQQQQ Q 3.691 .83 1.993 Sale of property FFFfFF 1,628.10 GGGGGG HHHHHH ,. 1,652.52 I IIIII 1,677 .31 JJJJJJ LLLLLL 1,702.47 MMMMMM NNNNNN 1,728.01 NNNNNN 1,660.83 000000 pp p ppp : �- 3,680.27 QQQQQQ .... .��~~~ 1,834 .04 601 .96 ... 1,861 .55 '" 1,889.48 21 .232.40 1.917 .82 21 .232.40 21 ,232.40 45 ,765 .3 5 SUSAN FERRER MMMMM~I � ��� ,l~ . .:.Sale of property 45 .7 6 5 .35 251 ,649.04 45 ,765 .35 251.649 .04 251 .649.04 SUZANNE LIM MMMMMM � 199<. ~ Sode of property TELENETWORK MEDIA CTR FFFFFf' ...,~ � ':&;lit Df property FFFFFF 576.59 GGGGGG . -.; -~ 2,442.1 8 585 .24 .�.,:��,"!<$_

- �- � ..... . GGGGGG 2 ,4 7 8 .81 25,456.78 25 ,456 .7 8 25 ,456 .78 25.456.78 594 .01 59,0 5 0 .6 5 59 ,0 5 0 .6 5 59 ,050 .6 5 59,050 .6 5 : HHHHHH 56 ,5 5 9 .0 0 56 ,5 5 9.0 0 56 ,559 .0 0 56,559 00 HHHHHH 2,515.99 . 111111 602.92 3 ,6 0 4 .6 7 3,604 .67 3 ,604 .6 7 3 ,604 .6 7 42,889.00 42 .889 .0 0 42 .889.00 42 ,889 .00 111111 2 ,5 5 3.73 JJJJJJ 611 .97 JJJJJJ 2 ,592 .0 4 KKK KKK 621 .15 KKKKKK 2 ,6 3 0 .92 Llllll 630.47 LLLLLL MMMMMM 2 ,6 7 0 .3 8 6 3 9 .9 3 MMMMMM 2 .7 1 0 4 5 T. & M. JARDELEZA IIIIII Sale of property TERESITA CHAN JJJJJJ 1934 Sale of property T. PARAS & F.DYCHIOCO BBBBBB 1953 Sa le of property C"J TOMAS CONSU NJI Sale of property cccccc 1994 --~ TRIPLEX ENTERPRISES 1995 Sale of property ~ 2 ,454 .51 .... . 1,65071 ..-i 2 . 2 2 3 .3 4 FFFFFF ,�- 1.706.83 '" FFFFFF 2 ,4 9 9 .52 � 1,680.97 21 of 23 fffFFF 2 ,2 6 4 1 0 .� >' 1,738 .12 FfFF!'F 2 . 54~ 0 4 ;. 1,711 .79 GGGGGG 2.305 .61 GGGGGG ' .... 1,769.98 GGGGGG 2 ,592 .0 0 GGGGGG � .; 1,743.17 2.347 88 HHHHHH ...:~ 1,80243 "HHHHHH 2 .6 3 9 .52 HHHHHH 1,7 7 5 . 13 2 .390 92 ~~1-' 1,835.48 2 ,6 8 7 .9 2 _ 1n111 1.807 67 -IIIII! 2 ,4 3 4 .7 6 i l l Ill 1.869.13 U111 ! 2,737 .19 JJJJJJ 1 ,8 4 0 .81 JJJJJJ 2 ,4 7 9 .3 9 .!JJJJJ '\ :' ... JJJ.!J.. � �KKKK K~ JO(J(l(KK KKKKKf. '" KKKKKt .: :�'> 'LLLLLL ~ �: ... :..'\.li.!...i...l .... �~� ..:.! ~ Li. .l � �

:: : ~� ;. .; . uuu 1,903.40 106.766.93 106 ,766 .9 3 106,766.93 106,766.93 2,787.38 8 . 4 0 0 .0 0 8,400.00 8 ,4 0 0 .0 0 8,400.00 MMMMMM 1,874.56 MMMMMM 2.52 4.8 5 6 ,546.25 MMMMMM 1,938.29 288 .847 .50 MMMMMM 2,838.48 1,908.93 NNNNNN 2,571.14 NNNNNN 1,973.83 2,890.52 NNNNNN 1,943.93 2,618.28 NNNNNN 2.010.01 2 ,943 .51 000000 1,979.57 000000 2,666..28 000000 2.046 86 000000 2,997.48 pppppp 2,015.86 2,715.16 PPPl'Pl' 2.084.39 PPPPPP pppppp Sale of property QQQQQQ Sale of property aaaaaa 684.80 aaaaaa 695.08 705.51 QQQ QQQ 716.08 726.83 ULRICH NAUMANN 000000 1993 737.72 vj U.S. CONSTRUCTION 74<' 'O,C) 1992 760.02 r-1 169.45 r."r:l FFFFFF .-1 GGGGGG HHHHHH 5.544 29 6 .5<:6.2 5 601 .96 5 ,9 4 4 .2 9 IIIIII ,., JJJJJJ 288,847 50 KKKKKK LLLLLL MMMMMM NNNNNN VASUDEV JAOWANI 1993 Sale of property VGL REALTY HOLDINGS 30 .000.0 0 EEEEEE 288 .847.50 2 8 8 ,8 4 7 . 50 258 .847.50 KKKKKK Sale at property 19'i6 133.326 57 13 3 .3 2 6.57 133,326.57 I IIIII 100,699.77 22 of 23 4,078.35 JJJJJJ 4.078.35 4,07835 KKKKKK 4.078.35 4 ,078.35 LLLLLL ' 4 ,078.35 MMMMMI'.i ' 4 ,078.3 5 NNNNNN:� 4,078.35 oooooo�- pppppp QQQQQQ

VICT OR:.<- QIZ:JN ��-:-:...-:� � :~ . ~� ;2 Sc. E- c' ~ ..:�::-~-:..� ~: ::~= :::~ t:: ::. ~:-. ~8 .:1:;8 . 50 4B .2 0 e .r-: ' VLLA P.<-GSANJAN 17.275.72 VIRGINIA BANAYAD JJJ J JJ 19;4 Sale o! property 17.275.72 17,27 5 .72 17 .275.72 109,485.00 ,.............. VISUAL MIX INC 1 0 9 ,4 8 5 .0 0 1 0 9,4 8 5 .0 0 1 0 9 ,485 .0 0 111111 1992 Sale of property ':'0 WIN HOUSE REALTY 122A22.27 122 .4 2 2 .27 ......-1 1996 Sale of property YUKIHIRO KAWANO 9 7 , 7 7 9 .8 7 O.Q1 .��' I IIIII 2 ,9 2 2 . 1 9 367 .955.00 ,.. JJJJJJ 2 . 9 6 6 .0 3 35 ,3 9 6 ,7 2 9 .62 KKKKKK 3,010.52 122 ,422.27 LLLLLL 3 ,0 5 5.6 7 MIAMMMM 3.1 01 .51 NNNNNN 3,148 04 3.195.26 000000 3.243.18 pppppp Sale of property QQQQQQ 304,129.28 # 3,189.69 # I IIIII 3,237 .53 # 0 .01 0 .0 1 JJJJJJ (310.556.49) # 1 5 , 3 8 3,4 0 6 .0 7 KKKKKK 1994 367 .955.00 -/ 367.955.00 / 367 ,955.00 LLLLLL Sale of property 30.587,961.90 p 46,065,133.57 p 10,668,403. ? : 19,919,557.~� 93,765.60 /~ NNNNNN p TOTAL A No supporting document 8 Petitioner failed to fully substantiate the inclusion of the income in the ITR. c Income from management fees not declared in 1997 fTR ,. . 23 of 23 ' -� ~ '....:.. ~~