Practice question
An enterprise appropriates property originally intended for business use to its proprietor's private consumption and argues that deemed sales cover resale inventory alone. Analyze Section106(B)(1) without assuming unrelated personal property is automatically covered.
Legal references
- NIRC Sections57-58,105-106 and110: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA11976, Sections9-10, current NIRC58(E) credit/refund conditions and trust-fund rule: https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
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