X sold his motor vehicle to V who bought it for P200,000. It turned out however, that X has 2 motor vehicles: Toyota valued at P230,000 and Lancer valued at P220,000. Which is correct? A. There is no contract of sale between X and V

X sold his motor vehicle to V who bought it for P200,000. It turned out however, that X has 2 motor vehicles: Toyota valued at P230,000 and Lancer valued at P220,000. Which is correct? A. There is no contract of sale between X and V

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter17: Property Transactions: §1231 And Recapture Provisions

Section: Chapter Questions

Problem 29CE

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Question

Can someone help me to find the correct answer and explain it in detail? Thank you

X sold his motor vehicle to V who bought it for P200,000. It turned out however, that X has

2 motor vehicles: Toyota valued at P230,000 and Lancer valued at P220,000. Which is

correct?

A. There is no contract of sale between X and V

B. The parties may ask for interpretation or reformation

C. The parties can ask for annulment of the contract

D. V may choose between the Toyota or Lancer

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