BIR Ruling No. 458-2021

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE' BUREAU OF INTERNAL REVENUE Quezon City ... j ^rppi^lii Section 2^ (U)(5) of the Tax Code of 1997,as amended BIR Ruling No.OT-0371-2020 bt- -- 1 1 j 7(m EAST ASIA INTEGRATED LIVESTOCK,INC Suite 202, Golden Rock Building * ' ! 168 Salcedo St., Legaspi Village MakatiCity ^ ATTY.CHARLOTTE.TF.NNIFER V VALBUEna Counsel & Authorized Representative I Gentlemen: a Judgement by Compromise promulgated by the Regional Trim Court B^anrh ^0 nf in W? National Intetnal R.ivMlIi'codnjaoi^ottei Background: o^ubtta�ined a loan from DjjBfPIsa^mno^suinstiwnhgento MFiilveestHounnedPraepderFiPfrtoyd-SuecvtespIMniclolripoonraFtievde("HuMnPdPrPeTd Twhitohuslah.nrdtyP-etswoos((3P2h)pDn5d7i,v5i0d0u,a0l00ag.r0i0c)u.ltEuarsatl Alsanida oInwtneegrrasteadctLeidveassttothkWInpcU-(m"oErA5IaLiF^T^^a^l^on" ^by.tuhe fJoollowing TranlsofaenroCefrMtiPfPilca,tEesAoIfLTlitmloer(t"gTaCgeTd")inNfoasv.oCr'osufbjDeBtiPt prreoapleprrtoiepse"r)t:ies covered 1. TCT No. 2. TCT No. and 3. TCT No. The thirty-two(32)individual agricultural land owners also Inortgaged real properties in favor of DBP. For non-payment of the loan, the mortgaged subject properties were foreclosed pursuant to Act No. 3135. DBP then filed an Extrajudicial Petition for the sale ofthe subject properties with the RTC Branch 39. On October 21,2013,a Notice issiipH by the SheriffofRTC Branch 39 where TCTNos. of Extrajudicial Sale was , and' ^ were set to be sold at a public auction on January 15, 2014J DBP won being the only bidder and mortgagee/creditor ofEAILI. I On April 15, 2014, a certificate of Extrajudicial Foreclosiie Sale was issued by the SheriffofRTC Branch 39and was registered before the Registry ofDeedsofKoronadal,South Cotabato("RD")on June 6,2014. | More than three months after the registration of the Jertificate of E.xtrajudicial Foreclosure Sale, DBP consolidated the subject properties under its name pursuant to Section f