On January 1, 1999, A signs a promissory note and binds himself to pay X P100,000 plus 15% per annum interest on June 30, 1999. Before June 30, 1999, X can demand payment IF on June 30, 1999, A is paying X, X can refuse the payment Because the period is for the benefit of the debtor, A can compel the creditor X to accept payment any date before June 30, 1999. Because the period is for the benefit of the debtor and the creditor, X can refuse any rendered payment before June 30, 1999.

On January 1, 1999, A signs a promissory note and binds himself to pay X P100,000 plus 15% per annum interest on June 30, 1999. Before June 30, 1999, X can demand payment IF on June 30, 1999, A is paying X, X can refuse the payment Because the period is for the benefit of the debtor, A can compel the creditor X to accept payment any date before June 30, 1999. Because the period is for the benefit of the debtor and the creditor, X can refuse any rendered payment before June 30, 1999.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 20DQ

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