Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

After a Bureau of Internal Revenue (BIR) audit, V Corp., a domestic corporation engaged in buying and selling of scrap metals, was found to have

image text in transcribedimage text in transcribed
After a Bureau of Internal Revenue (BIR) audit, V Corp., a domestic corporation engaged in buying and selling of scrap metals, was found to have deciency income tax of R25,000,000.00, including interests and penalties, for the year 2012. For 2012, V Corp. led its income tax return (E) on April 15, 2013 because it used the calendar year for its accounting. The BIR sent the Preliminary Assessment Notice (PAN) on December 23, 2015, and eventually, the Final Assessment Notice (FAN) on April 11, 2016, which were received by V Corp. on the same dates that they were sent. Upon receipt of the FAN, V Corp. led its protest letter on June 25, 2016. Thereafter, and without action from the Commissioner of Internal Revenue (CIR), V Corp. led a petition for review before the Court of Tax Appeals, alleging that the assessment has prescribed. For its part, the CIR moved to dismiss the case, pointing out that the assessment had already become nal because the protest was led beyond the allowable penod. A. Is V Corp.'s contention regarding the prescription of the assessment meritorious? Explain. B. Should the CIR's motion to dismiss be granted? Explain

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Problems In Contract Law Cases And Materials

Authors: Charles L. Knapp, Nathan M. Crystal, Harry G. Prince

9th Edition

1543801471, 978-1543801477

More Books

Students also viewed these Law questions

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago