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  1. Identify in the tax returns and financial statements any sale, exchange or disposal of assets other than inventories or stocks in trade.
  2. Obtain copies of deeds of sale and other documents relating to the sale.
  3. Determine zonal values, fair market values or appraisal values and compare with the actual selling price.
  4. Compute any under declaration of sales by comparing the selling price with the existing fair market value, zonal value or value of similar properties sold.
  5. In case of disposal of capital assets, ascertain compliance with the provisions of the Tax Code on capital gains and losses.
  6. Verify sales of property reported on the installment basis and determine if all requirements pertaining thereto have been complied with.
  7. Determine if proper accounting for depreciation, book value and salvage value was correctly taken up.
  8. Inquire from certain company personnel on possible sales of assets which may not have been recorded in the books of accounts.


Reference: RAMO 1-2000