146. If the taxpayer is a corporation, how much is the taxable income for the year 2017?

a. P13,800 c. P113,800
b. P110,800 d. P260,600

147. If the taxpayer is a corporation, how much is the taxable income assuming the taxable year
is 2018?
a. P13,800 c. P113,800
b. P110,800 d. P260,600

148. Jose has the following information in 2017:

Gross profit from sale of inventories held for 2 years P500,000
Loss on two (2) weeks option contract 50,000
Gain on sale of bonds (holding period: 6 months) 60,000
Gain on sale of delivery truck held for 3 ½ 400,000
Gain on sale of personal car held for 5 years 160,000
Capital gain on direct sale to buyers of shares of stocks held 40,000
for 4 years
Sale of 2-year old residential house (Cost: P540,000) 5,500,000
In 2016, Jose had a net taxable income of P50,000 and a capital loss of P75,000.
How much is the taxable net income?
a. P415,000 c. P890,000
b. P490,000 d. P940,000

149. How much is the taxable net income assuming the current taxable year is 2018?
a. P415,000 c. P890,000
b. P490,000 d. P940,000

150. How much is the total capital gains tax?

a. P2,000 c. P332,000
b. P166,000 d. P336,000

151. How much is the total capital gains tax assuming the current taxable year is 2018?
a. P2,000 c. P332,000
b. P166,000 d. P336,000

152. Juan, a Filipino citizen, migrated to the United States some eight (8) years ago and got a
permanent resident status or green card. He should pay his Philippine income taxes on:
a. The gains derived from the sale in California, U.S.A of jewelry he purchased in the Philippines
b. The proceeds he received from a Philippine insurance company as the sole beneficiary of life
insurance taken by his father who died recently.
c. The gains derived from the sale in New York Stock Exchange of shares of stock in PLDT, a
Philippine corporation
d. Dividend received from a two year old foreign corporation whose gross income was derived
solely from Philippine sources.

153. Statement 1: Gain on sale of all kinds of capital assets are subject to the final tax on capital
gains.
Statement 2: Gain from sale of real property classified as capital asset and located in Miami,
Florida is not subject to the final tax on capital gain.
a. Both statements are correct
b. Both statements are not correct
c. Only the first statement is correct
d. Only the second statement is correct

154. In 2016, Mr. Vicente Tagle, a retiree, bought 10,000 CDA shares that are unlisted in the
local stock exchange for P10 per share. In 2010, the said shares had a book value per share of
P60 per share. In view of a car accident in 2010, Mr.Vicente Tagle had to sell his CDA shares
but he could sell the same only for P50 per share. The sale is subject to tax as follows:

a. 5%/10% capital gains tax on the capital from sale of P40 per share (P50 selling price less P10
cost).
b. 5%/10% capital gains tax on the capital gain of P50 per share, arrived at by deducting the cost
(P10 per share) from the book value (P60 per share)
c. 5%/10% capital gains tax on the capital gain from sale of P40 per share (P50 selling
price less P10 cost) plus donor's tax on the excess of the fair market value of the shares over
the consideration.
d. Graduated income tax rates of 5% to 32% on the net taxable income from the sale of the
shares.

155. The sale in the immediately preceding number, in case the taxable year is 2018, is subject
to:
a. 15% capital gains tax on the capital gain from sale of P40 per share (P50 selling price less P10
cost).
b. 15% capital gains tax on the capital gain of P50 per share, arrived at by deducting the cost
(P10 per share) from the book value (P60 per share).
c. 15% capital gains tax on the capital gain from sale of P40 per share (P50 selling price
P10 cost) plus donor's tax on the excess of the fair market value of the shares over the
consideration.
d. The revised graduated income tax rates of 20% to 35% on the net taxable income from the sale
of the shares.