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CHECKLIST OF MANDATORY REQUIREMENTS UNDER RMO 32-01 (dated November 28, 2001) 1
TRANSFER OF PROPERTY TO A CONTROLLED CORPORATION/PARTNERSHIP
issue the certification whenever access to the latest schedule of zonal values is
electronically available to them.
12. Original copy of the sworn certification by the individual transferor or in the
case of a juridical person, by the Chief Financial Officer or his equivalent as to the
basis of the property to be transferred.
The original or adjusted basis, as the case may be, of each real property/share of
stock/or other property transferred must be itemized in the certification, instead of
a single lump sum in order to enable the Registrar of Deeds or the corporate
secretary, as the case may be, to annotate the substituted basis on the reverse side
of the Transfer/Condominium Certificate of Title to the real property involved or of
the Certificate of Stock, and in order to facilitate the determination of gain or loss
from a subsequent disposition of real properties/shares of stock and other
properties received in the exchange.
13. Original copy of the sworn statement of the amount and nature of any liabilities
assumed upon the exchange, and the amount and nature of any liabilities to which
any of the properties acquired in the exchange is subject. The proper officer to issue
the statement shall be the Chief Financial Officer or his equivalent and confirmed
by the President or the Chief Executive Officer or Country Chairman or their
equivalent;
14. Original certified true copy of the Audited Financial Statements of Transferor-
corporation, as of the transaction date.
15. a. If the application is to be signed and submitted not by the taxpayer himself, but
only by his authorized representative, the appropriate special power of attorney shall
be submitted with the application for a certification-ruling.
b. In the case of a juridical person, the corporate secretary shall issue a sworn
statement that the signing officer (i.e., at the very least, the Chief Financial Officer) has
been authorized by the Board of Directors to represent the company and has personal
knowledge of the facts of the exchange transaction.
16. Proof of payment of DST on the original issuance of shares in exchange for the
property and all related documents subject to DST upon execution
CHECKLIST OF MANDATORY REQUIREMENTS UNDER RMO 32-01 (dated November 28, 2001) 2
TRANSFER OF PROPERTY TO A CONTROLLED CORPORATION/PARTNERSHIP
19. Other related documents
a. Proof of original / historical cost or basis (Such as Deed of Sale, Deed of Donation, CAR)
b. Sworn statement of cancellation of mortgage or encumbrance, if applicable
c. Proof of filing of cancellation of mortgage or encumbrance filed with the RD, if applicable
d. SEC filed General Information Sheet (GIS) of the Transferee corporation nearest to date of
transaction
Note: Items No. 1 to 16 are the documentary requirements contained in RMO 32-01; however,
depending on the nature of transaction connected with the Sec 40 (C)(2) transaction, other
related documents may be requested e.g. resulting increase in authorized capital stock....
CHECKLIST OF MANDATORY REQUIREMENTS UNDER RMO 32-01 (dated November 28, 2001) 3
TRANSFER OF PROPERTY TO A CONTROLLED CORPORATION/PARTNERSHIP