Section 38Sec./Art. 38

Section 242 of the National Internal Revenue Code of 1997, as amended, is hereby amended to read as follows:

"Section 242. Continuation of Business of Deceased Person. - When any individual who has registered a business dies, and the same business is continued by the person or persons interested in his estate, no additional payment shall be required for the residue of the term which the tax was paid: Provided, however, That the person or persons interested in the estate should, within thirty (30) days from the death of the decedent, submit to the Bureau of Internal Revenue or the Regional or Revenue District Office inventories of goods or stocks had at the time of such death.

The requirement under this Section shall also be applicable in the case of transfer of ownership or change of name of the business establishment."