Practice question
Which asset is expressly excluded from capital assets under NIRC Section 39(A)(1)?
- Stock in trade held as inventory
- A personal painting held outside business
- A personal residence never used in business or held for sale to customers
- Personal jewelry held outside any dealing business
- A private collection not held for sale to customers
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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