Practice question
A seller disposes of Philippine land while abroad and receives the price abroad. Explain the gain's source, then explain why that conclusion alone does not compute every tax liability.
Legal references
- NIRC, Section 42(A), (C) and (E); https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA 12214, Section 12 (amending Section 42(A)(1)); https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html
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