Practice question
Why is a cash inflow not necessarily income, and why can noncash value nevertheless be income?
Legal references
- https://lawphil.net/judjuris/juri1918/aug1918/gr_l-12287_1918.html — Madrigal v. Rafferty, G.R. No. L-12287, August 7, 1918, main opinion
- https://lawphil.net/judjuris/juri2021/jul2021/gr_226287_2021.html — CIR v. Shinko Electric Industries, G.R. No. 226287, July 6, 2021, main opinion
- https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html — RA 12214, section 8 amending NIRC section 32
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