CTA Case No. 2318 (Decision)

.ICOF I s�. PH!Lll'h\-~ L;\. ...., P T OF T. X APP.EALS� QUEZON c.r.ry � .. - t ,, 6 7

� ltb 1 ~� ( )(3)(fi .. 2S$ ot 1 � {J 1 I ot "' �v ly .. :ro .~ llo';;.* ( X ;& :;( ( XX X . -q.nd-. - ~J. 68 I

� � ... � 3, �1� ' . 69

.. t � � � 1 � ~~ 70

1' 8 - .h t t1 �activity, a .. VOl' .f " . �� t cti ity rn; 1 �o '� ot it t..J:� rr� ~t1o t� 71

i.Jf~ I~ :t; �11 � C'tA C.~!i..:. :I � 2. t A~,o . ~l19 u: !�O� ��,dl:tlt pl~ese Alla � t..U re,n include �et1viU a .t-elati~ to inter a t diV1rl �nd... , and J'entl ona ;f.tu:tint: ti-:~ ir~omt.l t ~d. a$ &tstlnJ~l1shod fro.m 1t$ u11d.:.:r-. v.r1 :lnt. bi.uiJ1aes:o:~ t~hJ.cl1 ~Z!ib~~<r 1t1S ot.be.r aetivltt1a$.h. ' tJ.,.,.s a \Z)tl.Gtl:\1 t'tt le nv one would bU7 .1ns" r~o f:ror:i a c ;; atl1 tl\~t de� a not have .a au.b~ta.ntial n-~t �Jol"tb in ~s "'tJts ovo1� a.rut a.�v its ~U""Jretlt ~1ti1Um lr~cona � Obvto� sa l)f th&3e &set � .!latst b � invested and r;Uot .& radue an. 1nvt:u;tf.lent ae~\)llle., \. 1; fot- ~all �'li'turd a$-sooiatio(lS opl{)r _tiJ.;g on ~ e~op,el"at.iv; baals., tb�l:l � sire$S of .~ ~ane i.s 'll~t�~l'ox~ neC$!' ~s.r117 ~ CO!nblna.,. ,.ion oJ. tt-~ ~;;d.ut::ss ot undorwr;tt:tn~ .Q!ld h$ bttsi.ue s of 1ttvest~l!~n.t .- '�acca ~ .Q �~his du.at. nat1.1r o. t ..\Q ~;l;'4a$$ Og iJ~l'l'U".tC<*t i t l:Ou.ld :l ,. t..'laft 1r1$..,ll"n..:t~~ con;:,at\Y *s 1.uv .Jt...~Gnt 1neom$ elor.a1u.~dd,.h.'otela ~ .al e i~l~ly !noc~o~$e�t.ot'Jc'okm stlenf th ... ltUti.ll & 01.' ~J<l!'atlCe i t th inV 43tOO e.es t , a;. e held e1 l\11� as ~a~'"'"V~ ttlnd$ tc � ~l'OV1ds l~ its ~ic:t obli;~at!otu, or a � .apita.t il!ltl .~ur �l...,s to l1X"'V1t:i~. S..'l e..~ra .~g;&.~ ol a�()t;r t.hicL 11tlll. bo ~ttztvl\.1 n..Jt.o:r ~e w;;r r~ . ''':Chis t..tua.l .fktttUl"~Q oX tho bu.~i 1GS$ O;a; in:sur~nc 1~ ;rr~f<Jlizud bt tJ."':e o~l"GS pJ~ Vi$ . ~$ ot th (;OJo wai ~ !loth hunder~ l"it!ng ineo v ' and * 1n\lt~st1%Jent ir..t;o!t:u~ .. � ~~ .$ ne tiill'ti:.tl �Uld ess~nti.~l 1.:;1t~l"t or t :a ain~lSlS o!' av~r:; lira :i.U~!Jl"at:l<.H:l .company 9..lW .t� ~ itl.$U;r;j.ttC/ll COJt'ii.JalliG'S ,l$ ' t~ . J.~ncint~ money, t. .. t\ .. � busi O$S o-i' �. mo t� Ja.g (Eec . 44.,o>t, .l a...~� �, ~ .. .~e,.r, /i',~Srd. t.,..1:~M.dlin!,�,n,~;tH~.xt~c~1.~"'t"�~~�-:.~~--Wll�:iOn�"t"w~ 4 9..~ :r ' l .. . ' PP� � 9� . Other authOl'itios .have ~~P.t"&od �Pr . :um... QJ:(i. eharact %ftstie 1� the t~ s.iinnv.a>~~.'tti0lo�rJ..ti..innsi!ua.rm~ca! tlnd tb~ a lOyl ',$ Ai tti cnn~t tloe ~a~l~ilYt s �enarc vs. S$'Gnti ~ t, o 218t' . " s.( JOv:~r>s ) La:wyars t~' ho . . rtgug& co 11. 182 ' .7 2

1 1 t.. r ,,., ..... r � 0 ' l ,. 73 { � L-3 5, 2'7 117 }, I' 73

,..Y lon to I' 74

� 9 � t 'i ) 75 .

� 10 (n ' 1 � ... � e 0 � '6 �