Practice question
In Section 40(A), does the amount realized from a disposition include noncash property received?
- Yes; money plus the fair market value of property other than money received
- No, only cash ever counts
- Only if the taxpayer voluntarily records it
- Only its sentimental value
- Only a buyer’s future profit
Legal references
- NIRC, Sections 26, 32(B) and 40(A), (C)(3)-(5), read with later amendments: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
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