18.Sour Corporation, a domestic corporation primarily engaged in 18.Sour Corporation, a domestic corporation primarily engaged in the sale of strawberry ice cream, issued a 12,000 shares to Olivia, a non-resident citizen. The shares have a par value of P20 and were issued to Olivia by fully paying the market value of P23 per share. At a time when the market value is P33, Olivia sold half of her shareholdings directly to Sabrina, a resident citizen.Which of the following is true regarding Sour Corporations issuance of shares to Olivia?a. The excess market value over the par value should be declared by Sour Corporation as part of its gross income subject to income tax.b. The P23 payment of Olivia is deductible for income tax purposesc. Olivia can claim the P3 excess of market value over par value as deduction for income tax purposes.d. The transaction has no income tax implication.19.Based on item no. 18:How much is the documentary stamp tax due on the issuance of shares by Sour Corporation to Olivia?20.Based on item no. 18:How much is the documentary stamp tax due on the sale of Olivia to Sabrina?21.On July 1 2022 BSM Corporation removes from its tobacco plant 100 cases of Brand GTR heated tobacco. How much is the excise tax due if 1 case contains 50 reams while 1 ream contains 10 packs?22.ABC manufacturing Inc. will remove from the place of production 150 cases of Super Cola using purely caloric sweetener. Each case contains 6 bottles of 750mL each. How much is the excise tax due?LawSocial ScienceTax law
