BIR Ruling No. 343-2016

BUREAU OF INTFRNALREVENUE REPUBLICOFTHE PHILIPPINES DEPARTMENT OF FINANCE Ouezon City

Secs.90(C)91B&249 NIR Revenue Regulations No.02-2003 BIR Ruling No.506-14

Gentlemen: Unit 5-C.5/F Raha Sulayman Bldg 108 Benavidez St.Legaspi Village Makati City Verano Law Firm Attention Atty.Jacqueline C.L.Verano 343-2016 6-29-2016

pay the estate tax due thereon. Manuel Jose B. Igual for an extension of time within which to file the estate tax return and to This refers to your letter dated October 8.2014,requesting on bchalf of the heirs of

heirs of the deceased had already prepared a listing of all the expenses necessary for the computation of the estate tax of the decedent.however.the other heirs have not yet executed an Extra-Judicial Settlement for they had a difficult time searching and completing important documents relative to the former's estate. cardiac arrest at the Makati Medical Center.Makati City.Manuel Domingo Igual.one of the Documents submitted show that Manuel Jose B.Igual died on April 21.2014 due to

1997 provide,viz. In reply thereto.please be informed that Sections 90(Cand 91(B of the Tax Code of

X "SEC. 90. XXX Estate Tax Returns X

meritorious cases, a reasonable extension not exceeding thirty(30) days for filing the renurn. (C) Extension of Time. - The Commissioner shall huve authoritv to gran, in

X "SEC. 91. XXX Payment of tax. XXX

the Statute of Limitations for assessment as provided in Section 203 of this Code shall be suspended for the period of anv such extension due date of the estate tax or of any part thereof would impose undue hardship upon the estate or five(5) yearsin case the estate is settled through the courts.or two 2) years in case the estate is seuled extrajudicially in such case.the amount in respect of which the extension is granted shall he paid on or before the date of the expiration of the period of the extension and the running of uny of the heirs,he may extend the time for payment of such tax or any part thereof not to exceed BExtension of Time.-When the Commissioner finds that the pavment on the

the payment of the said tax in accordance with the terms of the extension or heneficiary,as the case may be,to furnish a bond in such amount not exceedung double the amount of the tar and with such sureties as the Commissioner decms necessary.conditioned upon If an extension is granted the Commissioner may require the executor.or administrator

042352

1343-2016 6-29-2016

Page 2 of 2 Fstate of Manuel Jose B.Igua

request for an extension to file the estate tax return of thirty (30 days counted from October 20.2014.which is the last day for filing of the estate tax return of the late Manuel Jose B. Igual. Thus. the filing of the said estate tax return of the decedent is hereby extended up to November 19.2014. Based on the foregoing representations. this Office finds justifiable reason to grant the

preparation of the said return.your request for extension of two(2)years(where the estate will Furthermore. since you are collating all documents and information necessary for the

shall pay the estate tax within 2 years reckoned from actual filing of the return or on November shall furnish a bond in such amount. not exceeding double the aimount of the tax and with such sureties as the Commissioner deems necessary.conditioned upon the payment of the said tax be settled extra-judicially within which to pay the estate tax is hereby granted.Thus.the heirs 19,2014, whichever comes first, provided that the executor, or administrator. or beneficiary in accordance with the terms of the extension.

interest that shall have accrued from November 19.2014 up to the time of payment of the estate It shall be understood, however, that the estate shall be liable for the corresponding

Section 249 of the Tax Code of 1997.(BIR Ruling No.506-14 dated December 29.2014 tax due on the transmission by the said estate of its properties in favor of the heirs pursuant to

This ruling is heing issued on the basis of the foregoing facts as represented. However if upon investigation, it will be disclosed that the facts are different, then this ruling shall be considered null and void.

Very truly yours.

K-1-RFR Tigual Commissioner of Internal Revenue KIM S. JACINTO-HENARES 042352 JUN 2 4 2016