Practice question
For ordinary personal property bought in one country and sold in another, Section42(E) generally assigns the gain to which country, apart from the domestic-share special rule?
- The country in which sold
- Always the country in which bought
- Always the buyer’s birthplace
- Always the passport-issuing country of the seller
- Always every country equally
Legal references
- NIRC RA8424, relevant provisions as amended: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html Section42(A)(2),(4),(C)(4),(E).
- RA12214 CMEPA: https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html Section12, current Section42(A)(1) amendment checked.
- Aces Philippines v. CIR, GR226680, August30 2022 ENBANC MAIN: https://lawphil.net/judjuris/juri2022/aug2022/gr_226680_2022.html MAIN income-producing activity and Philippine gateway receipt.
Answer this question in flashcards to review your response and continue practicing.