As franchisee, Mr.

Gaudencio Tomacruz had the following data on

revenues and receivables, taxes not included:

Receivables
Revenues Beginning End
From operations:
Covered by the P2,000,000 P300,000 P400,000
franchise
Not covered by the 600,000 80,000
franchise

The percentage tax, if operating a water system:

a. P27,000
b. P52,000
c. P90,000
d. P190,000
e. Some other amount (P38,000)
The X Co., a closely-held corporation, was permitted to increase its
authorized capital stock and make an initial public offering for an
aggregate selling price of P4,000,000. The proportion of ownership,
after the initial public offering would be as follows:
To the original stockholders 70%
To the new stockholders 30%
How much is the stock transaction tax of X Co?
a. Zero
b. P40,000
c. P80,000
d. P150,000
e. Some other amount
Mr. L is a restaurant and nightclub operator. In a taxable period, he
had the following data, any tax not included:

Sales:
From operations of the “Gourmet’s Place”, a restaurant:
Cash sakes P400,000
Accounts receivables (catering) 250,000
Credit card sales 243,000
From operations of the “Dreamboat”, a night club:
Cash sales 1,360,000
Credit card sales 624,200
Payments:
For operations, based on gross receipts (80% of 60%
which are to VAT taxpayers)

Value-added tax payable?

a. P40,123
b. P357,156
c. P256,780
d. Some other amount
 Assessment received – January 5, 2019
 Petition for reconsideration filed with the BIR – February 1, 2019
 Documents supporting the petition filed by the taxpayer –
February 7, 2019
 Decision of the BIR denying the petition was received – March
22, 2019
 Second request for reconsideration filed with the BIR – March
30, 2019
 Decision of denial of second request for reconsideration was
received – April 12, 2019
What is the last day to appeal to the Court of Tax Appeals?
a. May 12, 2019
b. July 4, 2019
c. May 4, 2019
d. Some other date