—Timothy Joseph N. Lumauig, Partner—Aidyl Pearl U. Perez, Associate On 17 August 2020, the Bureau of Internal Revenue (the “BIR”) issued Revenue Regulations (“RR”) No. 20-2020,[1] which revised the rules for determining the fair market value (“FMV”) for the sale, barter, exchange or other disposition of shares of stock not traded through the stock exchange.