Practice question
A taxpayer argues 219 is a lien only on the precise asset that produced the taxable income, although the taxpayer owns other property. The statutory conditions are established and no special competing right is at issue. Which is correct?
- Only the original income-producing object can ever be covered.
- The provision is not confined to the income-producing asset; it covers the taxpayer's property and property rights under its terms.
- No lien can attach if income was earned through services.
- All assets of every customer automatically replace taxpayer property.
- Only future gifts to the taxpayer qualify.
Legal references
- NIRC Sections208-210,215-219: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
Answer this question in flashcards to review your response and continue practicing.