Taxation, 2012 Bar — Question 10

MULTIPLE CHOICE

A dealer in securities sold unlisted shares of stocks of a domestic corporation in 2010 and derived a gain of P1 Million therefrom. The gain is: a) Taxable at 30% regular corporate income tax based on net taxable income; b) Taxable at 5%/10% capital gains tax based on net capital gain; c) Taxable at 1/2 of 1% stock transaction tax based on the gross selling price or fair market value, whichever is higher d) Exempt from income tax

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