Practice question
Under Section106(B)(3), what consignment period appears in the deemed-sale rule where actual sale is not made?
- One minute following every delivery.
- Sixty days following consignment.
- Only after twenty years.
- Only when the consignee becomes a citizen.
- No period; every consignment is an immediate cash sale by definition.
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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