Practice question
Upon retirement from or cessation of business, what property does Section106(B)(4) identify for deemed-sale treatment?
- Every purely private object belonging to every employee.
- Only the business owner's passport.
- Existing inventories of taxable goods.
- Only records kept by an unrelated bank.
- No property because cessation necessarily erases all VAT consequences.
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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