REVENUE MEMORANDUM CIRCULAR NO. 9-2012 issued on March 14, 2012 circularizes the full text of the Commission on Audit’s (COA) reply on the query re: recording of forfeited real properties which were lumped and assigned a single valuation in the National Government Books of the BIR.
          Per COA’s reply, “the tax liability shall be prorated based on the fair market values of the real properties in question”.