ASB Realty Corporation vs. Commissioner of Internal

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 organized 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

Taxable Income Tax Due Less: Tax Credits

(a) Prior year's excess credit

(b) Creditable tax withheld Total Amount Refundable p 1,409,265.00 14,895,290.00 p 1,588.484.00 555,969.00 16,304,555.00 p 15,748.586.00 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:

1282

"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 Commissioner of Internal Revenue vs. Citytrust Finance Corporation (former·Iy Investor's Finance Corp./FNCB Finance) and the 128..)

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,

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.

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 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 p 61 ,813,719.00 1997 (Annex B) 19,919,557.95 29,403,284.86 43,381,160.37 Amount Refundable P 18.432,55.8M 128

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.

WE CONCUR:

(2~~(2-~.Q JJ'uANITO C. CASTANEDA, 6f{ .. Associate Judge ~LQ-C_~ ERNESTO D. A COST A Presiding 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~ 1287 ERNESTO D. ACOSTA Presiding Judge

ASB REALTY CORPORATION

SCHEDULE OF ALLOWABLE C

December 31, 1996

ASIAN MANSION

PERLA CONDOMINIUM CORP

PRINC TOWER

TIFFANY MANSION

AIDA S.T. GARCIA A.M. ORETA & COMPANY

AMERICAN INT'L

ANASTACIA TANADA YAM

BANK OF SOUTHEAST ASiA

CANAC INTL

C-E CONSTRUCTION CORP

GF & PARTNERS

JOSEPHINE YAM NARCISO

OSCAR HATLEN

PERLA MANSION

PHILIPP MORRIS PHILS

SPSN. &S. SUNGA

VICTORIA MILLING

A.A S. RASHID AL HOTY AFRICA L. ALFONSO AMELIA N. VALENCIA

ANASTACIA TANADA YAM

ANDRIE G. CORDOVA ANGELO R. GELANO ANTONIA N. ESCALER

AA ALARILLA

BALBINO K. HERNANDO

BALIBAGO WATERWORKS

BELEN BELICENA

BENEDICTO CO GENERAL

BOANERGES LECHUGA

BRIGHT STAR

CABRERA ENTERPRISES

CARMENCITA HASTANAND

H, | JK L.M N,O

NO EXHIBIT

Pp

NO EXHIBIT

NO EXHIBIT

Q

NO EXHIBIT

R s

NO EXHIBIT

NO EXHIBIT

NO EXHIBIT

T

NO EXHIBIT

NO EXHIBIT

w FFF FFF

NO EXHIBIT

EEE BBB EEE

NO EXHIBIT

BBB

NO EXHIBIT

TT

NO EXHIBIT

Xx

NO EXHIBIT

NO EXHIBIT

Y, EEE YEAR INCOME

EXHIBIT REPORTED

1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1996 1994 1991 1992 1994 1994 1994 1993 1993 1993 1992 1993 1993 1993 1994 1995 1991

REDITABLE TAXES WITHHELD

NATURE OF

INCOME Management fee Management fee Management fee Management fee Rental fee Rental fee Rental fee Rental fee Rental fee Renial fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property TAX WITHHELD 15,246.00 21,780.00 10,890.00 21,780.00 1,894.68 20,988.00 101,052.60 1,263.12 195,671.61 57,142.92 18,750.00 7,562.50 631.56 2,526.24 6,469.47 72,000.00 3,789.48 76,468.00 . 107,222.50 51,119.70 149,317.93 91,177.92 58,472.00 110,245.49 27,758.47 34,765.55 45,903.21 2,587.53 179,332.50 1,046.56 150,018.75 52,696.46 108,548.64 44,658.00 P DISALLOWANCE A 1,894 68 101,052.60 4,263.12 57,142.92 631.56 2,526.24 6,469.47 3,789.48 76,468.00 91,177.92 34,765.55 2,587.53 1,046.56 52,696.46 108,548.64 107,222.50 51,119.70 149,317.93 58,472.00 410,245.49 27,758.47 45,303.21 179,332.50 150,018.75 44,658.00 TOTAL DISALLOWANCE (A+B) 1,894 68 101,052.60 1,263.12 57,142 92 631.56 2,526.24 6,469.47 3,789.48 76,468.00 107,222.50 51,119.70 149,317.93 91,177.92 58,472.00 110,245.49 27,758.47 34,765.55 45,903.21 2,587.53 479,332.50 1,046.56 150,018.75 52,696.46 108,548.64 44,658.00

ANNEX A

ALLOWABLE TAX CREDIT 15,246.00 21,780.00 10,890.00 21,780.00 20,988.00 195,671.61 15,750.00 7,562.50 72,000.00 1 of 4 po 1280

CARMITA MARTIN

Z. EEE 1994 Sale of property 44,380.50 44,380.50 44,380.50

CELESTINE BARETTO

FFF 1991 Sale of property 38,029.50 38,029.50 38,029.50 CELIA E. LEUTERIO CCC 1991 Sale of pro;Jerty 162,395.75 162,398.75 162,398.75

CHEUNG CHI HANG

AAA.

1994 Sale of property 59,029.06 59,029.06 59,029.06

CODE RED

NO EXHIBIT

1994 Sale of property 22,248.06 22.248.06 22,248.06 C., J. L & MA. C. ESTEBAN Ill 1993 Sale of property 44,029.50 44,029.50 44,029.50 CRISPIN B. LACSON, JR. HHH 1993 Sale of property 44,029.50 44,029.50 44,029.50

CRO-MAGNON COMPANY

NO EXHIBIT

1994 Sale of property 22,825.13 22,825.1 3 22,825.13

CYNTHIA ANONUEVO

EEE 1994 Sale of property 30,704.02 30,704.02 30,704.02

DAN LIBUNAO

AA 1994 Sale of property 43.m .8o 43,777.80 43,777.80

DIAMOND VENTURES INTL

NO EXHIBIT

1993 Sale of property 3,050.05 3,050.05 - 3,050.05

DIN/A BORILLO

BBB 1995 Sale of property 125.982.81 125,982.81 125,982.81 D.G. CARREON COMML HHH, I/1 1995 Sale of property 14,247.64 14,247.64 14,247.64

ELAIAS TIMBOL

HHH 1993 Sale of property 105,262.50 105,262.50 105,262.50 ELENA V. SISON EEE 1994 Sale of property 117,593.94 117,593.94 117,593.94

EMRAM HOLDINGS CORP

FFF 1993 Sale of property 597.57 597.57 597.57

ERNESTO CHAN

BB, YY 1994 Sale of property 112,620.00 112,620.00 112,620.00 (--;")

E. GOLDE!'IBERG GG, BBB 1995 Sale of property 48,169.50 48,169 50 48,169.50 co EVOLUTIONARY

NO EXHIBIT

1994 Sale of property 105,870.72 105,870.72 105,870.72 ~ FELICIA M. NICASIO FFF 1993 Sale of property 148,073.42 148,073.42 148,073.42 rl

FELICITAS MONTENEGRO

HHH 1991 Sale of property 38,029.50 38,029.50 38,029.50 FINCHLEY DESIGNS, INC

NO EXHIBIT

1994 Sale of property 27,338.98 27,338.98 27,338.98 FIVE EB RESOURCES, INC

NO EXHIBIT

1994 Sale of property 54,514.04 54,514.04 54,514.04

FLORANTE A ASERON

FFF 1994 Sale of property 131 ,861.94 131 ,861 .94 131 ,861 .94 GENE ANTHONY C. BASA

NO EXHIBIT

1993 Sale of property 44,380.50 44,380.50 44,380.50

GUO PING PING

EEE 1993 Sale of prc-~erty 87,761.19 87 761 .19 87,761 .19

JAIME LIM SE CHUN

EEE 1996 Sale of property 188,794.06 188,794.06

JAIME YOUNG

CCC 1991 Sale of property 100,988.50 100,988.50 100,988.50

JESUS LUIS ALDEA

CCC 1991 Sale of property 110,997.75 110,997.75 110,997.75

JI-SUB CHUNG

DDD 1995 Sale of property 189,411.82 189,411 .82 189,411 .82 J. & E. DYCHIOCO HHH 1993 Sale of property 130,522.84 130,522.84 130,522.84 J., J. & J. REYES . ., DO 1992 Sale of property 8,250.60 8,250.60 8,250.60

JOEL ESGUERRA

CCC, EE 1991 Sale of property 54,864.00 54,864.00 54,864.00

JONATHAN JOSEPH NG YU

NO EXHIBIT

1994 Sale of property 58,182.96 58,182.96 58,182.96 J. V. T YAM-NARCISO FF 1994 Sale of property 4,151.16 4,151 .16 4,151.16

JOSE BERMUDEZ

CCC 1993 Sale of property 35,455.80 35,455.80 35,455.80

JOSEFINA GONZALES

EEE. GG 1995 Sale of property 146,227.50 146.227.50 146,227.50

JULIO JALANDONI

HHH 1993 Sale of property 169,527.84 169,527.84 169,527.84

KASIKATAN PATIS MFG

NO EXHIBIT

1994 Sale of property 12,100.66 12,100.66 12,100.66

LCM HOLDINGS INC

HHH 1995 Sale of property 9,040.22 9,040.22 9,040.22

LEAST COMMON DEVT

XX 1993 Sale of property 753.17 753.17 753.17 2 of 4

LILIAN JIMENEZ

EEE 1994 Sale of property 37,701.44 37,701.44 37,701.44 LORENZO M. ALBERTO FFF 1995 Sale of property 205,511.19 205,511 .19 205,511 .19 LOYOLA PLANS, INC

NO EXHIBIT

1995 Sale of property 541,135.45 541 ' 135.45 541 ,135.45 L. BENG & E. DEL FONSO HH 1995 Sale of property 102.382.50 102,382.50 102,382.50 MA. CHAR INA SANTIAGO HHH 1994 Sale of property 107.442.55 107,442.55 107,442.55

MA CLARA CANOY

EEE 1991 Sale of property 171 ,797.70 171 ,797.70 171 ,797.70 MA ELIZABETH ARNAll Ill 1994 Sale of property 244,482.00 244,482.00 244,482.00

MARIA LOLITA YAMBAO

II 1993 Sale of property 42,435.58 42,435.58 42,435.58

MARIE FELICITAS LAGMAN

FFF 1994 Sale of property 127,902.50 127,902.50 127,902.50 M. ABDULLAH HARYATI

NO EXHIBIT

1993 Sale of property 44,270.85 44,270.85 44,270.85

MAY AILEEN UY

JJ, CCC 1991 Sale of property 41 ,350.50 41 ,350.50 41,350.50

MENAN ORO TANJUTCO

FFF 1991 Sale of property 109,485.00 109,485.00 109,485.00

MICHIKO DOMINGO

HHH 1991 Sale of property 41 ,350.50 41 ,350.50 41 ,350.50

NECO INDUSTRIES

NO EXHIBIT

1994 Sale of property 35,167.78 35,167.78 35,167.78 NEGROS NAVIGATION CO.

NO EXHIBIT

1994 Sale of property 42,379.27 42,379.27 42,379.27 N. TESORO, JR. E. ARENAS DOD 1995 Sale of property 167.320.58 167,320.58 167,320.58

NORBERTO GERALDEZ

EEE 1994 Sale of property 137,645.08 137,645.08 137,645.08 0

PATRICK JOHN ANG

KK 1993 . Sale of property 179,332.50 179,332.50 179,332.50 en

PEARL PROPERTIES

LL,FFF 1994 Sale of property 107,222.50 107,222.50 107,222.50 "-!

P. & N. CUENCO GGG 1994 Sale of property 107,222.50 107,222.50 107,222.50 .....-i

PETRONILO VILLALUZ

FFF 1994 Sale of property 44,380.50 44,380.50 44,380.50 P. LIM, TRUSTEE GGG 1991 Sale of property 44,658.00 44,658.00 44,658.00

RAMON YAM

MM 1994 Sale of property 3,483.42 3,483.42 3,483.42

REGINA PADILLA GERALDEZ

EEE 1994 Sale of property 174,437.63 174,437.63 174,437.63

RIZAL COMMERCIAL

U,V 1996 Sale of property 2.834,450.00 2,834.450 00

ROBERT LEE

EEE

1993 .

Sale of property 229,674.49 229,674.49 229,674.49

ROSARIO TEOTICO

AAA 1995 Sale of property 40,256.79 40,256.79 40,256.79

RUFINO TIANGCO

BBB 1995 Sale of property 333,277.42 333,277.42 333,277.42

RUPERT JACINTO

NN 1992 Sale uf property 125,141 .00 125,141 .00 125,141 .00

SALUSTIANA BANGAYSIAO

EEE 1995 Sale of property 96,624.13 96,624.13 96,624.13 S. SIGGAOA T & A PONIO FFF 1995 Sale of property 107,696.17 107,696.17 107,696.17

SOCORRO VALDECANTOS

AAA 1992 Sale of property 105,055.25 105,055.25 105,055.25 ...

SONIA CRUZ

Ill 1995 Sale of property 118,944.95 118,944.95 118,944.95 SPS. A & E. PACHO EEE 1995 Sale of property 291 ,538.47 291 ,538.47 291,538.47 SPS A & N. CAMILLO CCC 1991 Sale of property 49,778.55 49,778.55 49,778.55 SPS A & V. LA MADRID 00 1992 Sale of property 32,855.40 32,855.40 32,855.40 SPS D. & B. LIM PP, EEE 1994 Sale of property 107,222.50 107,222.50 107,222.50 SPS D. & E. HULAR EEE 1994 Sale of property 57,985.44 57,985.44 57,985.44 SPS E. & M. CARLOS EEE 1993 Sale of property 42,998.55 42,998.55 42,998.55 SPS E. & R. SEGUNDO QQ, EEE 1991 Sale of property 38,029.50 38,029.50 38,029.50 SPS E.,JR. & T. LEJANO RR, EEE 1994 Sale of property 107,222.50 107,222.50 107,222.50 3 of4 SPS E. & S. JAMILI ss 1993 Sale of property 33,801.90 33,801 .90 33,801 .90 SPS G. & W. LIM EEE 1996 Sale of property 200,209.14 200,209.14 SPS H. & P. PALISOC XX 1994 Sale of property 119,659.75 119,659.75 119,659.75 SPS J. & T. DYCHIOCO HHH 1993 Sale of property 44,442.00 44,442.00 44,442.00 SPS J. & A WAECHTER Ill 1995 Sale of property 281 ,817.36 281 ,817.36 281 ,817.36 SPS J. & M.C. MENDOZA FFF 1995 Sale of property 112,542.50 112,542.50 112,542.50

SPS L & L DY BUNCIO

ODD 1991 Sale of property 41,360.25 ,. 41,360.25 41 ,360.25 SPS L & M. ORETA FFF 1994 Sale of property 43,11 7.06 43,117.06 43,117.06 SPS M. & 0 . ABUBAKAR CCC 1995 Sale of property 159,528.61 159,528.61 159,528.61 SPS OSCAR & J. ARABIT n 1994 Sale of property 105,751 .75 105,751 .75 105,751 .75

SPS PEDRO & ARMILA RUBI

yy 1993 Sale of property 33,927.30 33,927.30 33,927.30

SPS RICHARD & LILIAN CHU

EEE 1995 Sale of property 128,160.05 128,160.05 128,160.05 SPS SHINICHI & T. NAGATA FFF 1995 Sale of property 145,182.72 145,182.72 145,182.72 ~

STENEL DEVL T CORP

NO EXHIBIT

1993 Sale of property 13,872.52 13,872.52 13,872.52 C)

SUSAN BACULI

NO EXHIBIT

1994 Sale of property 44,279.08 44,279.08 44,279.08 i\.1

TELENETWORK MEDIA

NO EXHIBIT

1994 Sale of property 92,902.60 92,902.60 92,902.60 rl

TERESA NGUYEN NGOC

uu 1992 Sale of property 59,062.50 59,062.50 59,062.50 T. PARAS & F. DYCHIOCO HHH 1993 Sale of property 120,019.33 120,019.33 120,019.33

THC CORPORATION

w 1991 Sale of property 135,002.25 135,002.25 135,002.25

TOMAS CONSUNJI

FFF 1994 Sale of property 64,333.50 64,333.50 64,333.50

TRIPLEX ENTERPRISES

NO EXHIBIT

1995 Sale of property 85,853.35 85,853.35 85,853.35

ULRICH NAUMANN

FFF 1993 Sale of property 128,822.50 128,822.50 128,822.50

UNIWELL ENTERPRISES

1-'1-fH 1993 Sale of property 80,984.15 - 80,984.15 80,984.15 ..

US CONSTRUCTION SUPPLY NO EXHIBIT

1992 Sale of property 2,606.74 2,606.74 2,606.74

VALENTIN SANTOS

Ill 1993 Sale of pr~perty 127,839.83 127,839.83 127,839.83

VILLA PAGSANJAN RESORT

NO EXHIBIT

1994 Sale of property 6,747.61 6,747.61 6,747.61

WILLIAM ROBINSON

Ill 1994 Sale of property 100,532.08 100,532.08 100,532.08

WILLIAM TAN

NO EXHIBIT

1993 Sale of property 4,653.88 4,653.88 4,653.88

ZENAIDA MATSUKAWA

EEE 1991 Sale of property 55,175.85 - 55,175.85 55,175.85 TOTAL p 14,895,289.18 p 1,806,440.96 p 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

December 31, 1997 EXHIBIT

ASIAN MANSION

LLL BSAMANSION MMM

PERLA CONDOMINIUM

NNN

PRINCE TOWER

000

TIFFANY IAANSION

ppp BENJAMIN B. BITANGA

NO EXHIBIT

SOCIAL SECURITY SYSTEM

NO EXHIBIT

AIDA GARCIA

NO EXHIBIT

AM. CRETA & CO.

000

ASS FINANCE

RRR

BANK OF SOUTHEAST ASIA

sss

BSA SAVINGS BANK

TTT CANAC INn INC

NO EXHIBIT

C-E CONSTRUCTION CORP

yyy

DHL AVIATION INC

Zll.

D.M. CONSUNJI, INC AAAA

OSCAR HATLEN

NO EXHIBIT

PERLA MANSION CONDOTEL NO EXHIBIT

ROBERT NODDIN

SPS N. & S. SUNGA

AA ALARILLA

ABDUL AZIZ SALB RASHID

ADELE PROPERTY HOLDINGS

ADIA AGRO INDUSTRY, INC.

NO EXHIBIT

NO EXHIBIT

DODD

I IIIII

IIIII I

jjjjjj LLLLLL MMMMMM 000000 PPPPPP

I IIIII

jjjjjj KKKKKK LLLLLL MMMMMM NNNNNN YEAR INCOME REPORTE 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 1997 ~997 1997 1997 1997 1997 1997 1997 1993 1995 1996 1996

NATURE OF

INCOME Management fee Management fee Management fee Management fee Management fee Sale of property Sale of property Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Rental fee Sale of property Sale of property Sale of property 44,721 61 2.13672 4,273.44 2,136.72 4.27344 2.136.72 Sale of property 139,249.61 6.763.97 6,763.97 6.763.97 6,763.97 6,763.97

PER SUPPORTING

DOCUMENT p 16,770.60 17,100.00 23,958.00 11 ,979.00 23.956.00 47,223.00 4,646.85 366,875.71 6,375.54 7,000.00 63,157.96 7.272.72 12,583.83 219.51825 59.67865 ·-·· . .{,._- _ .. :.,.. __ . .

ANNEX B

TOTAL ALLOWABLE

PER PETITIONER'S

DISALLOWANCE DISALLOWANCE TAX SCHEDULE A B c i A+B+C!

CREDIT p 16,770.60 p p p 16,770.60 p 16,770.60 p 17,100.00 17,100.00 17.100.00 23.958.00 23,958.00 23,958.00 11,979.00 11 ,979.00 11,979.00 23,958.00 23,956.00 23.958.00 3,175,000.00 3,175.000.00 3,175,000.00 7,176,050.00 7,176,050 00 7,176,050.00 631 .56 631 .56 631 .56 47,223.00 47.223.00 4,646.85 4,646.85 366,875.71 366.875.71 6,375.54 6,375.54 31 ,428.54 31,426.54 31,428.54 7,000.00 7.000.00 63,157.96 63,157.96 7,272.72 7.272.72 C\l 1,694.68 1,894.68 1.894.68 C'J 130.70 130.70 130.70 !\l 111,157.92 111 ,157.92 111 ,157.92 ...........

3.789.46 3.789.48 3.769.48 12,583.83 12,58383 12.583.83 219,518.25 219,518 25 219.518.25 "' 59,678.65 59.67865 1 of 23 A.F. BUAN & COMPANY

AFRICA ALFONSO

ALEXANDER NARTATES

ALFREDO SANTOS JR.

ALFREDO VALENTIN LIM

ALLIANCE COMMODITIES

ANA MARIA SANSON

ANCOR CONDOMINIUM

ANGELA KIM & MELVA NATH

ANGELA PANOTES

ANITA MASAKAYAN

ANTONIA ESCALER

ANTONIO TINSAY

ANTONIO VILLASENOR

ARMAL REALTY DEVT CORP

000000 PPPPPP aaqaaa tut Jad KKKKKK LLLLLL MMMMMM NNNNNN 000000 PPPPPP aaaaaa FFFF TH EEEE HHHH HH HHHHHH tH JJ Jd LELELL MMMMMM 000000 PPPPPP GGGGGG 000000 MMMMMM GGGG Hil MMMMMM 1995 1991 1994 1994 1997 1995 1996 1995 4995 1993 4994 1992 1996 6,763.97 6,763 97 6,763.97 Sale of property 407 631.99 12,654.69 12,844.54 43,037.18 43,232.74 13,431.22 13,632.69 13,837.19 14,044.75 Sale of property Sale of property Sale of property Sale of property Sate of property Sale of property Sale of property 84,384.68 3,714.60 7,429.20 3,714.60 7,429.20 3,714 60 Sale of property Saie of property Sale of property Sale of property Sale of property 17,393.26 191,939.24 Sale of property Sale of property 193,361.37 514,346.95 6,430.80 107,222.50 1,862.75 105,782.50 305,625.98 118,179.39 110,386.88 490,573.10 297,050.80 217,568.58 16.683.53 209,332.50 86,008.50 19° St¢ 107 108 30!

44 Vil 491 29 21 1 20 361.37 346.96 5,430.80 222.50 1,862.75 5,782.50 9,625.98 3,179.39 ), 386.88 ),573.10 8,050.80 ? 568.58 3,683.53 9,332.50 5,008.50 514,346.96 6,430.80 407,222.50 1,862.75 105,782.50 305,625.98 118,179.39 297 050.80 217,568.58 16,683.53 209,232.50 86,008.50 514,346.96 6,430.80 407,222.50 1,862.75 105,782.50 305,625.98 118,179.39 297,050.80 217,568.58 16,683.53 209,332.50 86,008.50 193,361.37 110,386.88 490,573.10 i, a ye 12:

2 of 23

ARSOL REALTY CORP

AV. CASTILLO & SONS

BACOLOD CARMEL

BGMRD, INC.

unt JIJISI KKKKKK LLLLLL MMMMMM NNNNNN 00000 PPPPPP eaaaaa aunt HIB JIJJIS JIJJIS KKKKKK KKKKKK LLLLLL LLLLLL MMMMMM MMMMMM NNNNNN NNNNNN 000000 000000 PPPPPP PPPPPP aaaaaa aaaaaa nett JJJIIJ KKKKKK LLLLLL MMMMMM 000900 PPPPPP wit JSSSIS LLLELL MMMMMM NNNNNN 000000 PPPPPP 1995 1956 1997 445,286.29 7,059.42 7,055 42 7,059.42 7,059.42 7,059.42 7,059.42 7,059.42 7.059.42 Sale of property 26,192.13 55,769.37 4,045.88 2,239.10 1,045.88 2,239.10 1,045.88 2,239.10 1,045.88 2,239.10 1,045.88 2,239.10 1,045.88 2,239.10 4,045.88 2,239.10 4,045.88 2.239.10 Sale of property Saie of property 173,890.54 17,332.57 17,592.56 17,856.44 18,124.29 37,068.25 18,952.17 Sale of property 77,900.45 3,467.16 6,934.32 3,467.16 3,467.16 6,934.32 3.467.16 201,760.65 108,241.34 218,292.00 300,816.82 99,637.73 201 108 218 300 9¢ 760.65 1241.34 .292.00 816.82 637.73 218,292.00 218,292.00 201,760.65 oe rQ 308,241.34 300,816.82 ind 99,637.73 3 of 23 BALIBAGO WATERWORKS Jed

BANK OF FLORIDA

KKKKKK LLLLLL MMMMMM NNNNNN 000000 PPpppP Qqqacg

BARBARA NG GGGGGG

BELLCAT CORPORATION

KKKKKK LULL MMMMMM 000000 PPPPPP

BENNOR PROPERTIES KKKK

BERTUTE SARABIA GGGGGG

BJS VENTURES CORP

; MMMMMM BRAINTRUST ASSOC. Hutt B. JOHNSON & P. EDWARDS iu UU

BULACNIN PROPERTIES

HIN JdJduJ KKKKKK LLELLE MMMMNM NNNNNN 000000 PPPPPP C.AL. DEVLT CORP TH

CARMEN ISABEL FORES GGGGGG

CESAR BARON FFFFFE

CESAR GARCIA PPPPPP

192 1997 1933 1997 1994 1994 1994 1995 1995 1994 1994 1997 Sale of property 41,127.79 Sale of property 463,961.94 (483,954.94) 678,224.65 43,486.90 43,486.90 43,486.90 43.486.90 852,172.25 Sale of property 107,222.50 Saie of propecty 109,153.04 §,203.98 5,288.13 10.815.41 5,523.68 135,976.24 Saie of property 41,082.59 Sale of property 412,620.00 Sale of property 76,975.31 Saie of property 124,199.59 Sale of property 53,133.72 44,389.50 97,519.22 Sale of property 222,605.82 9,110.10 9,246.75 9,385.45 9,526.23 9,669.12 9,814.16 9.961.37 289,319.00 Saie of property 4181.673.71 Sale of property 260,732.50 Sale of property 59,265.00 Sale of property 44,455.50 1 852 107 135 44 412 134 124 97 289 184 260 59 172.25 ,222.50 976.24 ,082.69 .620.00 ,952,31 ,199.59 519.22 319.00 673.71 732.50 265.00 455.50 57,$77.00 11,127.79 107 222.50 41,082.69 142,620.00 76,975.31 124,199.59 97,519.22 289,319.00 181,673.71 260,732.50 59,265.00 44,455.50 41,127.79 - - 852.172.25 107,222.50 :

- 135,976.24 41,082.69 - 412,620.09 - 134,952.31 - 124,199.59 - 97,519.22 - 289,319.00 - 181,673.74 - 260,732.50 - 59,265.00 - 44,455.50 - 4 of 23 5 Lue

CMB HOLCD'NGS & MGT

CRO-MAGNON CO.

CYNTHIA ANONUEVO

DEMIKK REALTY INC

DIAMOND VENTURES

DIOPTIC REALTY CORP

D.G, CARREON COMML 1985 FFFFFF ntl JssJJJ KKKKKK LLLELL MMMMMM NNNNNN 000000 PPPPPP aaaaaa 1994 MMMM NNNN Q000

PPPP 1994

1996 aun HUN dJIJS BEBANA) MMMMMM MMMMMM 1993 GGGGGG +HHHHHH HHI dJJIJS KKKKKK ALLELE MMMMMM NNNNNN 000000 PPPPPP 1994 a0aQ HHHHHH 1995 FEFFEF G6GGGG HHHHHH nn Sale of property 4,923.84 370,424.75 7,798.24 7,915.22 8,033.95 8,154.46 8,276.77 8,400.92 8,526.93 8,654.84 Sale of property 57,065.92 56,290.83 56,290.83 599.99 Sale of property Sale of property 82,019.58 83,383.26 11,887.49 12,087.75 11,887.49 12,087.75 Sale of property 4,302.21 665.79 675.78 685.91 696.20 706.64 717.24 728.00 738.92 750.04 Sale of property 24,516.31 258,198.69 Sale of property 4,852.48 4,905.05 4,753.05 §,217.04 428,119.92 45 170,247 57 47 13,325.48 1 213,353.32 21 7,666.70 282,715.00 26 8,419.92 0,247.57 3,325.48 3,353.32 7,666.70 2,715.00 438,119.92 170,247.57 13,325.48 7 666.70 282,715.00 438,119.92 170,247 57 13,325.48 7,666.70 282,715.00 ete ee be Less 213,353.32 5 of 23

DOUGLAS LAWSON

EAGLE CREDIT

EAGLE REALTY

EDMUNDO ISIDRO

EF REALTY CORP

E. MICHAEL, G. HOPE

EMMANUEL JAVELOSA

EMRAM HOLDINGS CORP

ENHANCED ELEC

E. SANTILLAN & C. LAMBINO

ERNESTO CAPULONG

E. GUILLERMOMP. PARAS EVOLUTIONARY JIS KKKKKK LLLLLL MMMMMM 000000 RRRR NNNNNN 000000 PPPPPP acaaaa 000000 PPPPPP olelelelele;

PPPPPP TRL Hun MMMMMM SSSS KKKKKK LLLLLL MMMMMM 000000 PPPPPP MMMMMM FFFFFF MMMMMM FFFFFF GGGGGG HHHHHH (HHI

JJ JJ

1984 1997 1997 1992 1995 1995 1994 1992 1994 5,066.20 5,121.08 5,176.56 5,018.77 213.87 Saie of property Saie of property 77,230.96 2,264.42 2,298.39 2,332.87 Sale of property 46,453.42 3,552.74 3,606.03 Sale of property Saie of property 117,624.87 171,360.86 Sale of property Sale of property Sale of property Saie of property 66,924.78 7,556.94 3,778.47 7,556.94 3,778.47 Sale of property Sale of property Sale of property Sale of property 3,074.30 3,120.41 3,167.22 3,214.72 3,262.94 40,324.10 45,978.49 84,126.64 53,612.19 112,542.50 288,985.73 118,575.00 301,015.25 19,031.22 89,595.60 174,594.14 44,380.50 148,575.00 n 26 3c 47 4 0,324.10 5,978.49 4,126.66 3,612.19 2,542.50 8,985.73 8,575.00 1,015.25 9,031.22 '9.595.60 4,594.14 4,380.50 8,575.00 40,324.10 45,978.49 112,542.50 288,985.73 118,575.00 301,015.25 19,031.22 174,594.11 44,380.50 118.575.00 40,324.10 45,978.49 112,542.50 288,985.73 118,575.00 307,015.25 49,034.22 174,594.34 44,380.50 148,575.00 84,426.64 53,612.19 ne 3 - ae, 89,595.60 6 of 23 KKKKKK 3,311 .89 Llllll 3,361.57 MMMMMM 3,411 .99 NNNNNN 3,463.17 000000 3,515.12 pppppp 3,567.84 aaaaaa 3.621 .36 40,092.53 40,092.53 40,092.53 40,092.53

FAMA REALTY INC

,995 Sale of property

I IIIII

117.655.24

IIIII I

167,927.88 JJJJJJ 2,462.22 JJJJJJ 3,514.29 KKKKKK 2,499.15 KKKKKK 3,567.01 Llllll 2.536.64 LLLLLL 3.620.51 MMMMMM 2,574.69 MMMMMM 3,674.82 co NNNNNN 2,613.31 :~) NNNNNN 3,729.94 000000 2,652.51 r'\J 000000 3,785.89 ~ pppppp 2.692.29 pppppp 3,842.68 QQQQQQ 2,732.68 QQQQQQ 3.900.32 335,982.07 335,98207 335,982.07 335,982.07

FBD REALTY CORP

uuuu 1994 Sale of property 44,380 50 44,380.50 44.380 50 44.380.50 FELIXBERTO CHAN KlAN MMMMMM 1995 Sale of property 203,760.87 203,760.87 203,760.87 203,760.87

FERDINAND CO

HHHHHH 1993 Sale of property 44,029.50 44,029.50 44,029.50 44,029.50

FERNANDA AGUILAR

vvvv 1995 Sale of property 182,058.82 182.058.82 182.058 82 182,058.82

FE UNA ILAS

GGGGGG 1993 Sale of property 127.198.00 127,198.00 127,198.00 127,198.00 '"

FINCHLEY DESIGNS INC

1994 Sale of property . ., WWNW 10,882.87 21 .765.74 10.882.87 10,882.87 21 .765.74

FIVE EB RESOURCES INC

FFFFFF 1994 Sale of property 2.982.55 2,982.55 2.982.55 2.982.55 G., E. & MA. V. MINAYA 1995 Sale of property xxxx 3,297.04 6,594.08 3,297.04 3,297.04 6,594.08 GALLOP DEVT CORP.

1996 Sale of property

I IIIII

207,975.70 JJJJJJ 4,581 .39 KKKKKK 4,650.11 7 of23 "' !' ';

' LLLLLL 4,719.86 MMMMMM 4,790.66 NNNNNN 4,862.52 000000 4,935.46 pppppp 5,009.49 aaaaaa 5.084.63 246,609.82 246.609.82 246.609.82

GASHOUSE MDSG

1996 Sale of property

IIIII I

117,126.33 JJJJJJ 5,174.42 KKKKKK 5,174.42 LLLLU 5,174.42 MMMMMM 5,174.42 NNNNNN 5,174.42 000000 5,174.42 pppppp 5,174.42 aaaaaa 5.174.42 15a.521.59 158,521 .69 158.521 .69 G. D. FISHING CORP 1996 Sale of property

IIIII I

77.302.68 JJJJJJ 3.253.77 KKKKKK 3.253.77 LLLLLL 3.253.77 MMMMMM 3,253.77 NNNNNN 3,253.77 lj) pppppp 3,253.77 .-, •. ,•.t aaaaaa 3.253.77 100,079.07 100.079.07 100,079 07 ·-:'\.!

GIFFORD CHU

1993 Sale of property .-4 yyyy 47.581 .57 ZZll.

30.000.00 77,581 .57 77,581 .57 77,581 .57 77.581 .57

GILSON RESOURCES

1997 Sale of property

I IIIII

74.225.17 JJJJJJ 3.765 83

KKK KKK

3.765.83 LLLLLL 3.765.83 MMMMMM 3,765.83 NNNNNN ,., 3.765.83 000000 3,765.83 pppppp 3,765.83 aaaaaa 3.765.83 104,362.81 104,362.81 104.362.81

GINA HANGINON

NNNNNN 1996 Sale of property 200,667 91 200,667.91 200.667.91

GISELA CONCEPCION

I IIIII

1995 Sale of property 222.907.75 222.907.75 222,907 75 222.907 75

GOLDEN GRACES

1996 Sale of property

IIIII I

142.093.49 J I I Ill ~ . 7' 1 7 .1 ':

8 of 23

GREATER MANILA INTL

GREENPEACE DEVLT CORP

GREGORIO LAINEZ

GUILLERMO CHUTICK

GUO PING PING

HAIM KATSAV

HERMINIA NUQUE

HEROES VENTURES

HIGH POINT DEVLT CORP

KKKKKK LLLLLL MMMM wnt wt JJJJJJ JdJJJJ KKKKKK KKKKKK LELELL LLLLLL MMMMMM NNNNNN 000000 PPPPPP aaaaaa NNNNNN 000000 PPPPpP Qqqaqa HHHHHH MMMMMM 8BBBB ccccc 000000 NNNNNN 000000 PPPPPP Qaaqaaa wilt iil JJJJIS JdJJIS 1996 1997 1994 1995 1994 1995 1997 1995 a Doman

WD @ @

28 8 mw © NO ~d “ ao Sale of property 308.449.97 140,641.99 41,476.47 5,713.44 11,645.63 5,713.44 41,823.36 5,713.41 §,713.41 §,713.41 5,713.41 5,713.41 5,713.41 Sale of property 55,515.06 3,313.96 3,313.96 3,313.96 Sate of property Sale of property Sale of property 64,422.71 62.261.10 Saie of property Saie of property 202,618.43 202,618.43 Sale of property 55,586.72 3,318.32 3,318.32 3,318.32 Sale of property 400,984.50 102,218.08 3,135.32 3,173.30 347,902.38 529,747.70 65,456.94 107,222.50 110,274.24 126,683.81 107,581.63 405,236.86 65,541.68 347, §29,7 65 107.

410.2 126.€ 107:

405.2 65.

52.38 47.70 56.94 22,50 74.24 83.81 81.63 36.86 41.68 ve 107,222.50 910.274.24 126.683.81 107,584.63 405.236.86 107,222.50 410,274.24 126 733.81 107,581.63 405,236.86 347,902.38 529,747.70 65,456.94 65,541.68 9 of 23 ( 13uU KKKKKK KKKKKK CULL CLLLLL MMMMMM MMMMMM NNNNNN NNNNNN 000000 000000 PPPPPP PPPPPP lelorelelele) Qqoaga

HOME CREATION 1995

HAN BREADS KKKKKK LLLLLL MMMMMM NNNNNN 000000 PPPPPP lofoleterele)

HONG CHAN PHILS NO EXHIBIT 1993

HTG TECHNOLOGIES INC 1997

sini HJJJJ KKKKKI ULLLLL MMMMMM NNNNNN 000000 PPPPPP aaaaaa wd

JADE VINE ING 1995

mutt mm Md Aud KKKKKK KKKKKK LULLLL ULLLLL MMMMMM MMMMMM 3,182 34 3,220.90 3,230.08 3,269.21 3,278.53 3,318.25 3,327.71 3,368.03 3,377.63 3,418.55 3,428.29 3,469.82 3,479.71 3,521.87 Sale of property 142,768.15 3,534.99 3,588.02 3,641.84 3,695.47 3,751.91 3,808.19 3,865.31 3.923.29 Sale of property Sale of property 70,633.43 4,234.21 4,234.21 4,234.21 4,234.21 4,234.21 4,234.21 4,234.21 4,234.21 Sale at property 248,149.83 49,713.18 7,703.66 611.98 7,819.21 624.16 7,936.51 630.48 8,055.56 639 94 256,412.13 172,578.17 113,375.67 104.507 14 256.412.13 172,578.17 143,375.67 104,507.11 256,412.13 172,578.17 413.375 67 256,412.13 172,578.17 VAB.375.67 404,507.11 10 of 23 1304

JAIME YOUNG

JESUS TAN

JIREH HOLDING CORP

JOAN ONG

JOHNCO CONSOLIDATED

J. & J. FANDIALAN Jo YU JONATHAN MEG. INC.

JOSEFINA CASTILLO

J & F DIVINO DEVLT CORP

JNECO. INC KASIKATAN NNNNNN NNNNNN 000000 000000 PPPPPP PPPPPP aagaaa aaaaaa ODDOD HHHHHH WIHT Win wunnt JSIJIJ KKKKKK LLLLLL MMMMMM NNNNNN 000000 PPPPPP aacaaa MMMMMM EEEEE aunt Judsd KKKKKK LLLLLL MMMMMM NNNNNN 000000 PPPPPP aaaaaa GGGGGG iu AUTH 1993 1995 1995 1996 1995 1994 1996 4994 1995 1995 1994 8,176.39 649.54 8,292.63 659.25 8,423.52 669.17 8,549.87 679.24 Sale of property Sale of property Sale of property Sale of property Sate of property 71,679.69 3,456.35 3,456.35 3,456.35 3,456.35 3,456.35 3,456.35 3,456.35 3.456.235 Sale of property Sale of property Sale of property 68,776.81 3,018.71 3,018.71 3,018.71 3,018.74 3,018.71 3,018.74 3,018.71 3.018.714 Sale of property Sale of property Sale of property Sate of property 337,987.52 42,224.00 44,442.00 195,845.26 217,347.66 99,330.49 48,169.50 79,039.54 92,926.49 179,332.50 192,971.22 197 453.26 337,93 42,2 195,8 217,3 93.3 48,1 73,0 92,9 179,3 192,9 197.4 B7.52 24.00 42.00 45.26 47.66 30.49 59.50 39.54 26.49 32.50 71.22 53.26 337,987.52 42,224.00 44,442.00 195,845.26 217,347.66 48,169.50 79,039.54 179,332.50 192,971.22 197 453.26 337,987.52 42,224.00 $4,442.00 195,845.26 217,347.66 48,169.50 79,039.54 179,332.50 192,971.22 197,453.26 99,330.49 92,926.49 41 of 23 é ~ 13u..

KINGSTON HOLDINGS INC

LAURA SUAREZ ACUZAR

LCM HOLDINGS

LEONORA BUSUEGO

LINEA FURNITURE INC

LIZA DIAZ MANTARING

LORETO YULO

L. GALZA & A FRAGANTE

LOYOLA PLANS INC

GGGGSS HHH mn JJsuJd KKKKKK 1995 unit JJsJIS KKKKKK LULL MMMMMMI NNNNNN 000000 PPPPPP aaqaaa

GGGGGG 1992

HKG 1995

CLLLLL 1984

HTM 1995

000000 1997

MMMMMM 1995

FFFFF 4992

FFFFFF FFFFFE GGGGG:

GGGGGC HHHHH!{ HHHHHt;

tnnttl qua ARARER) JdJdJ.!

KKKKK::

KKKKK LLL LLLLLL MMMMMivi MMMMMM NNNNNM 2,233.83 1,442.11 4,459.24 117€.93 4,194.28 Sale of property 118,541.69 3,680.06 3,735.26 3,791.29 3,848.15 3,905.88 3,964.47 4,023.93 4084.29 Saie of property Sale of property Sale of property Sale of prooerty Sale of property Sale of property ~ Sate of property Sale of property 2,238.77 2,503.08 2,279.82 2,548.97 2,321.62 2,595.70 2,364.18 2,643.28 2,407.52 2,691.74 2,451.66 2,741.09 2,496.61 2,791.35 2,542.38 2,842.52 2,588.99 6,906.09 149,575.02 41,350.50 129,602.43 55,969.50 194,205.74 127,145.41 252,618.56 100.899.00 8,11 149,57 44,35 123,60 55,96 194,20 127,14 252,61 100.89 8.29 5.02 0.50 2.43 9.50 5.74 5.41 8.56 9.00 4,212.29 Ww E,S06.09 148,575.02 41,350.50 129,602.43 55,969.50 194,205.74 252,618.56 100,899.00 8,178.29 449,575.02 44.350.50 129.602.43 §5,989.50 184,205.74 ~ 252,618.56 160.893.00 427,145.41 12 of 23 L3uo

LUZVIMINDA PASCUA

MA. ANDRIE CORDOVA MA. CRISTINA CONDE MA. ELIZABETH ARNAIZ

MA LUISA DIAZ

MA MARTHA JALANDONI

MA. PAZ JAVELLANA MA. PILAR REYES MA. VICTORIA AMORES MA. VICTORIA TR7S/IS MACCONR! CONSULTING

MAC GRAPHICS

NNNNNN 000009 000000 PPPPPP PPPPPP eaaaaa ocaaaa GGGGGG GGGGGG GGGGGG GGGSG GGGGGG GSGGGG

NO EXHBIT

FFEFFF MMMMMM

- NNNNNN

©00000 Ppppop aauaca itil JJJJJJ KKKKKK {LLL MMMMMM 1994 1996 2,894 63 2,636 46 2,547.75 2,654.78 3,001.74 2,734.01 3.056.78 Sale of property 60,419.39 50,419.39 52,233.34 Sale of property Sale of property 44,029.50 44.029.50 Sale of property Sale of property Sale of property : Sale of property ~ Sale of property Sale of property Sale of property _ .5ale of property 133,436.47 4,142.45 4,204.59 4,267.66 4.331.68 4,396.65 4,462.69 4,529.54 4,597 49 Sale of property 79,304.95 3,488.12 3,488.12 3,488.12 3,488.12 63,005.39 163,072.12 48,750.50 88,059.00 8,880.00 112.620.00 470,078.35 234,773.22 44,029.50 107.222.50 592° 00 168,369.13 63.

153,( 48,7 88,( BE 1126 170, 2341 107, 59,:

168.;

105.39 159.00 380.00 520.00 78.35 73.22 129.50 222.50 265.00 369.13 63,005.29 453.072.12 48,750.50 88,059.00 8,880.00 412,620.00 170,078.35 234,773.22 44,029.50 107,222.50 $9,265.00 168,369.13 63,005.39 - 153,072.42 - 48,750.50 - 88,059.00 - 8,880.00 - 112,620.00 - 470,078.35 - 234,773.22 - 44,029.50 - 107,222.50 :

59,265.00 - 468,369.13 - 13 of 23 13 o% M. J. & F. NICASIO

MARIETTA PALANCA

M. HARYATI

MARKET CAPITAL

MINA PANGILINAN

MMG MGT VENTURES

MULTINATIONAL

MYRA CASAS

NACA REALTY DEV.

NEGROS NAVIGATION

009009 PPPPPP HHHHH MMMMMM HHH NNNNNN 000000 PPPPPP aaaaaa JJJIJ HE LLLLLL NNNNNN HH SRERER) KKKKKK LLLLEL MMMMMM NNNNNN .- 000000 PPPPPP aaaaaa FFFFFF FFEFFF HHHHHH HHHHHH nine Tn Idd JdJJud KKKKKK KKKKKK LLLLLL LLLLLL NNNNNN 1996 1997 1995 1996 1994 €,976.24 2 468 *2 Sare of property Sale of property Sate of property Sale of property 129,664.93 7,827.43 7,827.43 7,827.43 Sale of property 116,568.23 116,568.23 Sale of property Sale of property Sale of property Sale of property 46,166.87 2,104.45 2,104.45 2,104.45 2,104 45 2,104.45 2,104.45 2,104.45 2,104.45 Sale of property 2,018.35 2,122.69 2,079.35 2,186.85 2,110.54 2,219.65 2.142.20 2,252.94 2,174.33 2,286.74 2,206.95 2,321.04 2,240.05 103,721.79 31.259.08 44,029.50 6.30€.40 453,147.22 233,136.46 187,605.36 566,600.82 178,392.06 63,002.47 44,029.50 6,308.40 153,447.22 233,136.46 187,605.36 366 600.82 178,392.06 63,002.47 44,029.50 6,308.40 223,136.46 178,392.06 233,136.46 178,392.06 153,147.22 187,605.36 566,600.82 63,002.47 14 of 23 L3sJo

NOAH ROBERTO ARCEO

NORSERTO GERALDEZ

NORMITA DAWANG

PACE DEVELOPMENT

PILAR ESPELETA

PILAR VENTURES INC

PO WAY MAN

PUEBLO REALTY CORP

RADIANT SPRING REALTY

RAMON WISCO

RECOM REALTY CORP

NNNNNN 000000 lelererelele) PPPPPP PPPPPP aaaaaa aaaaaa GGGGGG GGGGGG LLELEL KKKKK leletelelere) HNL JJJI KKKKKK ULLLLL MMMMMM NNNNNN 000000 PPPPPP aQQoaa LLLLL NNNNNN NNNNNN NNNPAIN NNNNNN

JJ ISS

MMMMM Qaaaaa MMMMMM ISSISS JJJSIS KKKKKK KKKKKK ULLLLL 1934 1994 1993 1996 41995 1996 1993 1995 1994 1997 2,355.86 4,581.41 4818.25 2,342.37 2,463.47 2,377.54 2,500.42 2,048.62 2.154.53 Saie of property Sale of property Sale of property Sale of property 102,923.20 4,897.54 2,504.01 2,541.57 2,579.69 2,618.38 2,657.66 2,697.52 2,737.99 Sale of property 2,988.18 173,239.32 148,190.00 194,033.66 166,028.10 Saie of property Sate of property Sale of property Sate of property Sale of property Sale of property 63,358.37 60,321.04 3,791.38 3,606.50 3,791.38 54,004.12 181,418.00 4,974.82 43,544.25 126,157.56 684,479.26 172,673.99 107,222.50 150,825.00 102,385.95 58,968.75 4 af 1 34,004.12 31,448.00 4,974.92 13,541.25 6,157.56 + 34,479.26 '2,673.99 7 222.50 90.825 00 12,385.95 58,968.75 54,904.12 181.418.00 4874.92 43.541.25 684.479 26 107,222.50 150,825.00 58,968.75 $4,004.12 - 181,418.00 - 4,974.82 - 43,541.25 - - 126,157.56 684,479.26 - : 172,673.99 107,222.50 - 150,825.00 - - 102,385.95 58,968.75 - 15 of 23 L3sJo R. GERALDEZ

REXES HOLDING CO

R.M. ARCE

RIZAL COMML

R. SIASON &M. LU R. BAGABALDO

ROLEX PLASTIC

ROQUE GONZALES JR.

ROSALINDA CRUZ

R. EVANGELISTA LLLLLL MMMMMM MMMMMM NNNNNN NNNNNN 000000 000000 PPPPPP PPPPPP aaaaaa aaagaq NNNNN Mt JJJJJS KKKKKK LLLLLL MMMMMM 000000 PPPPPP QQqaaqaa KKK MMMMMM NNNNNN nuit JsJIIS KKKKKK LLLLLL MMMMMM NNNNNN 000000 PPPPPP aaaaaa GGGGGG GGGGGG MMMMMM Qaaaaa 1994 1997 4994 1995 1996 1994 1993 1993 3,606.50 3,791.38 3,606.50 3,791.38 3,606.56 3,791.38 3,605.50 3,791.38 3,606.50 3,791.38 3.696 50 Sale of property Sale of property 45,841.58 2,191.55 2,191.55 2,191.55 2,191.85 4,383.10 2,491.55 Sale of property Sale of property Saie of property Sale of property Sa!l--.of property 143,850.75 6,663.04 6,663.04 6,663.04 6,663.04 6,663.04 6,663.04 6,663.04 6,663.04 Sale of property 44,029.50 44,029.50 Sale of property Sale of property 175,464.57 1,789.87 61,182.43 107,222.50 2,674,500.00 102,446.25 179,074.07 197,155.07 88,059.00 59,265.00 44,029.50 61 107 2,674 102 497 BE 464.57 .789 87 182.43 500.00 446.25 074.07 155.07 3,053.00 1,265.00 1,029.50 1,789.87 107,222.50 102,446.25 479,074.07 88,059.00 59,265.00 44,028.50 1,783.67 407,222.50 102,446.25 4179.074.07 88,053.00 59,265.00 44,029.50 175,464.57 61,182.43 2,674,500.00 197,155.07 16 of 23 de 14 R. BACANI G2000 R. GONZALES MMMM, ROSBONE CORP (itt

RUBEN LUGTU GGGGSG

RURIK PAUL SANTOS KKKKKK

R. VILLAROSA ARCHITECTS NO EXHIBIT S BANGAYS!ISO PPPPP

SAN TECHNOLOGY INC

000000 000000 000000 000000 000000 000000 000000 000000 000000 000000 000000 000000 000000 000000 000000 . 000000 000000 000000 000000 000000 000000 S. ROTEA HHHHHH SBA PROERTIES INC.

ua JISISS KKKKKK LLELLL MMMMMM NNNNNN 000000 PPPPPP aaaaaa 4993 Sale of propery 1938 Sate of propery 1995 Sale of property 1996 Sale of property 1994 Sale of property 1895 Sale of property 47995 Saie of propery 1997 Saie of property 154,785.25 155,602.11 211,292.89 154,838.87 155.656.22 185,656.22 155,247.55 244,395.36 189,602.84 155,659.60 156,380.69 156,380.69 155,970.14 245,381.91 214,382.17 157,505.63 158,336.82 158,336.82 157,921.22 248,045.69 489,281.12 1992 Sale of property 1996 Sale of property 81,754.91 3,302.83 3,302.83 3,302.83 3,302.83 3,302.83 3,302.83 3,302.83 3,302.83 43,776.78 47,992.59 163,045.35 216.827.96 107,222.50 115,009.03 10,598.37 4,021,563.78 $9,265,00 408,177.55 216.827.

407 222.5 115.099.

10.598 < 4,021,563.7 59,265.C 108,177.5 42,772 75 43,770.75 a on] fel its} ie) ur o a a jw a to wn 407 222.50 10,598.37 59,265.00 £7 544.50 4€3,045.25 107 222.50 10,598.37 59,265.00 216.827.96 115,060.09 7 ie 4,021 563.78 108,177.55 47 of 23 S.P. PROPETIES INC

SSCL PROERTIES

SONIA BRIONES

SOUTHWIND SUGAR

SPRINSUN FACTORS INC

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Qaear ., 1996 1996 1996 1932 1997 1995 - 1992 Sale of property SB,717.79 2,355.73 2,359.79 2,359.79 2,385.79 2,359.79 2,359.79 2,359.79 2,358.79 Sale of property 226,082.38 9,129.10 9,125.10 9,129.10 9,129.10 9,128.10 9,129.10 9,128.10 9,123.70 Sale of property 65,624.17 2.982,92 2,982.92 2,982.92 2,982.92 2,982 92 2,982.92 3982.92 2,982.92 Sale of property Sale of property Sale of praperty Sale of property Sale of property 44,029.50 44,380.50 Sale of property Sale of property 77,596.02 297,115.18 89,487.53 44,658.00 63,157.92 156,262.75 44,658.00 88,410.00 192,829.23 403,382.50 77,5 2871 89,41 44.6.

63.1:

156,21 44.6.

88,4 192,8 103,3 35.02 15.418 37.53 58.00 57.92 32.75 58.00 19.00 29.23 82.50 44,658.00 186,262.75 44,658.00 88,410.00 192,829.23 103,382.50 - 77,596.02 - 287,115.18 « - 89,487.53 44,658.00 - - §3,157.92 156,262.75 - 44,658.00 - 88.410.00 - 192,829.23 - 103,382.50 - 18 of 23 13d oe ee Te, SPS. B. & MMM. LOPEZ SPS. D. &M. SOMALI SPS. D. & E. HULAR SPS. E.&M.CARLCS SPS. E.& P. MIRANDA SPSE.&A CASTILLO SPS. E. &B. VELOSO SPS. H. &R. GO SPS. J., JR. &H. DELA ROSA SPS. J. 8 £. AVILA SPS. J. & LGUEVARRA SPS. J. JR. & JVICENCIO SPS. L. & J. MA. CALANGI SPS. L.&A AMORANTO SPS.L.&L. DY BUNCIC SPS. L.& MAL. ORETA SPS. 0. JR. & MA E. NAQUI.

SPS. R. & A.GOMEZ SPS R. & P. MUNOZ SPS. R. &L. MERCADO SPS TAN LIAT HUI & M TA‘.

SPS. T.& MAT. JARDELEZ.- * SPS W. &M. GERBACIA 1993 MMMMMIA MMMMIMM

LLELLLL 1934

RRRRR 1994

SSSSS 4993

HRHHHH 1994

KKKKKK 1994

GGGGGG 1963

dJsJJJ 1993

MMMMMM 1988

JJJSJS 1995

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1933 Wnayy

WRN 1991

-DO0Q0O.. 1994 “MH, oe 1992 “MIRA: = 1994 . ee 1995

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YS EISHH 1996

Sale of property 102,382.50 §9.579.25 Sale of property Sale of property Saie of property Sale of property Saie of property Sale of property Saie of property Sale of property Sale of property Sale of property Sale of property 55,223.13 48,159.37 Sate of property Saie of property Sale of property Sale of property Sale of property Sale of property Sale of property Sale of property Saie of property Sale of property Sale of property 152,961.75 118,345.57 58,077.06 64,223.95 412,922.67 148,190.00 107,222.50 107,222.50 107,887.50 136,185.94 44,029.50 103,382.50 14,266.05 88,694.65 3,095.25 1,263.44 107,222.50 112,200.00 48,169.50 132,494.84 221,450.85 62,021.85 121,895.39 4 4 AC 1 1 4 22,961.75 15,345.57 98,077.05 34,223.95 12,922.67 46,190.00 17 222,50 97 222.50 )7 887.50 36,185.94 14.029.50 )3,382.50 14,266.05 39 273.90 3,095.25 1,263.44 )7 222.50 12,200.00 48,169.50 32,494.84 21,450.85 52,021.85 21,895.39 50.579.25 152,961.75 115,345.57 58,077.06 64,223.95 112,922.67 148,190.00 107,222.50 107,222.50 107,887.50 136,185.94 44,029.50 103,382.50 14,266.05 88,694.65 3,095.25 1,283.44 107,222.50 142,200.00 48,169.50 132,494.84 221,450.85 62,021 85 121,895.39 152,981.75 145,345.57 58,077.06 64.223.95 112,922.67 148,190.00 107,222.50 107,222.50 107,887.50 136,185.94 44,029.50 103,282.50 14,266.05 439.273.90 3,095.25 1,263.44 107,222.50 412,200.00 48,169.50 132,494.84 221,450.85 62,021.85 121,895.39 19 nf 92 Ads1vU SPS. YUNG KWOK WAN STA. TERESITA CORP ST. HELENA'S INC STENEL DEVLT. CORP

SUSAN FERRER

SUZANNE LIM

TELENETWORK MEDIA CTR

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MMMMMIS FFFEFE FFFFFF GGGGG3 1995 4987 1235 1993 “gee * t998 °° Sale of property $22,972.93 423 Saie of property 89,558.99 5,386.20 5,386.20 §,386.20 5,386.20 5,386.20 116,489.99 446 Saie of property 94,448.28 172,961.40 2,034.63 3,641.22 2,084.92 3,695.83 2,095.66 3,751.27 2,126.85 2,158.50 7,404.03 2,190.61 3,922.62 3.691.83 305,187.65 306 Sale of property 4,628.10 4,652.52 4,677.31 1,702.47 .

4,728.01 1,660.83 3,680.27 1,834.04 +e 601.96 1,861.58 ae 1,889.48 1,917.82 21,232.40 21 . ‘Sate of property 45,765.35 4g '; Satie of property 251,649.04 251 ‘Sale of property 576.59 ~nyh 2,442.18 585.24 $72.93 - 423,972.23 - 423,972.93 - 489.93 - - - : 116,489.99 : | a4 187.65 - 306,187.65 - 306,187.65 - oS 232.40 : 21,232.40 - 21,232.40 765.35 - 45,765.35 - 45,765.35 - 649.04 - 251,649.04 - 251,649.04 T. &M. JARDELEZA

TERESITA CHAN

T. PARAS & F.DYCHIOCO

TOMAS CONSUNAI

TRIPLEX ENTERPRISES

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AKKKKK KKK Rr “KKKKKr PTAA 1954 1953 4994 1995 2,478.81 594.01 2,515.99 602.92 2,553.73 611.97 2,592.04 621.15 2,630.92 630.47 2,670.28 639.93 2,710.45 Sale of property Sale of property Sale of property Sale of property Sale of property 2,454.51 4,650.71 2,223.34 4,706.83 2,499.52 1,680.97 2,264.10 1,738.12 2,548 74 1,741.79 2,305.64 1,769.98 2,592.00 1,743.17 2,347.88 1,802.43 2,639.52 1,775.43 2,390.92 4,835.48 2,687.92 1,807.67 2,434.76 1,869.13 2,737.19 4,840.81 2,479.39 25,456.78 59,050.65 56,559.00 3,604.67 42,889.00 5!

5,456.78 9,050.65 5,553.00 3,604.67 2,889.00 25,456.78 58,050.65 56,559.00 3,604.67 42,883.09 25,456.78 59,050.65 56,559.00 3,604.67 42,889.00 21 of 23

ULRICH NAUMANN

U.S. CONSTRUCTION

VASUDEV JADWANI

VGL REALTY HOLDINGS

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MMMMMK&t ” NNNNNN’* ooooce~ PPPPPP aaaaaa 1,903.40 2,787.38 1,874.56 2,524.35 1,938.29 2,838.48 1,908.93 2,571.14 1,973.83 2,890.52 1,943.93 2,618.28 2.01001 2,943.54 1,979,57 2,866.28 2.046 86 2,997.48 2,015.86 2,715.16 2,084.39 1993 Sale of property 1992 Sale of property $84.80 695.08 705.54 716.08 726.83 737.72 748) 760.02 169.45 1993 Sale of property 30,000.00 258,847.50 1996 Sale of property 100,699.77 4,078.35 4.078.35 4,078.35 4,078.35 4,078.35 4,078.35 4,078.35 4,078.35 106,766.93 8,400.00 $,944 29 288.947.50 133,326.57 1 28 6,766.93 8,400.00 6546.25 8,847.56 33,326.57 106,766.93 8.400.C0 5,944.29 if 288,847 50 106,766.93 8,400.00 6,546.25 288.847 50 “9 133,326.57 22 of 23 VICTOR, VLLA PAGSANJAN deed 1GS4 Care of propery 47 2782 17,275.72 VIRGINIA BANAYAD ttt 1992 Sale of property 109,485.00 409,485.00 VISUAL MIX INC 19965 Sale of property HUH 87,779.87 JJJJJJ 2,922.19 KKKKKK 2,966.03 LELLLL 3,010.52 MMMMMM 3,055.67 NNNNNN 3,101.51 Oo0000 3,148.04 PPPPPP 3,195.26 QQ0Q0Q 3,243.18 422,422.27 422,422.27 WINHOUSE REALTY Sale of property Hu 304,129.28 # JJJJJJ 3,189.69 # KKKKKK 3,237.53 # :

LLLLLL (310,556.49) # 0.01 0.014 YUKIHIRO KAWANO NNNNNN 4994 Sale of property 367,955.00 367.955.00 TOTAL P 35,396,729.62 46,065,133.57 A No supporting document B Petitioner failed to fully substantiate the incl Cc income from management fees not declared - 48,258.59 - 4E,20€ ¢ - . $7,278.22 . 17,275.72 . - 109,485.00 . 109,485.00 . e - , - - - 422,422.27 : - . : 0.01 al va4 ~ 367,955.00 . 367,955.00 . on) P vasensanS P roateserol’ » 93,765.60” P __30.587,961.90 P _ 15,383,406.07 !

usion of the income in the ITR. in 1997 ITR 23 of 23