Practice question
Distinguish a dealer's inventory vehicle from a manufacturer's depreciable delivery vehicle used in business. Are either necessarily capital assets because they are movable property?
Legal references
- NIRC, Section 39(A)(1); https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- Revenue Regulations 7-2003, Section 2; https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/10/40237
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