Taxation, 2012 Bar — Question 13

MULTIPLE CHOICE

A resident Filipino citizen (not a dealer in securities) sold shares of stocks of a domestic corporation that are listed and traded in the Philippine Stock Exchange. a) The sale is exempt from income tax but subject to the 1/2 of 1% stock transaction tax; b) The sale is subject to income tax computed at the graduated income tax rates of 5% to 32% on net taxable income; c) The sale is subject to the stock transaction tax and income tax; d) The sale is both exempt from the stock transaction tax and income tax.

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