Group Quiz On Documentary Stamp Tax

QUIZ ON DOCUMENTARY STAMP TAX – Supply the correct answer. Show your complete solutions.
No
solution, no credit. (Answers must be presented with at least 2 decimal figures)
I. Mr. Gabrielle Jorge Pastrana retired from his employment on February 14, 2023. To ensure that he
will still be earning money to cover his daily personal needs, he has already signified his willingness
to acquire 200,000 shares of GMA Network, Inc. directly from the corporation out of its unissued
authorized capital stock with a par value of P8.50 per share. The shares were acquired by Mr.
Pastrana on February 26, 2023. At that time, the shares were being traded in the local stock
exchange at P12.44 per share.
a. What is the amount of the DST due within the prescribed deadline? (4 points)
b. What is the amount of the DST payable within the prescribed deadline? (4 points)
c. Assuming Mr. Pastrana left the country by March 20, 2023, the time when he filed the DST
return, how much is the DST due? (4 points)
d. Assuming Mr. Pastrana left the country by March 20, 2023, the time when he filed the DST
return, how much is the DST payable? (4 points)
II. Mr. Gabrielle Jorge Pastrana retired from his employment on February 14, 2023. To ensure that he
will still be earning money to cover his daily personal needs, he has already signified his willingness
to acquire 200,000 shares of GMA Network, Inc. directly from the corporation out of its unissued
authorized capital stock with a par value of P8.50 per share. The shares were acquired by Mr.
Pastrana on February 26, 2023. At that time, the shares were being traded in the local stock
exchange at P12.44 per share. His friend, Kyline Marie Soriano, helped Mr. Pastrana in filing the
related DST return on March 1, 2023 with the amount of DST paid equivalent to P12,500.00. Mr.
Pastrana asked for your help to amend the previously filed DST return made by his friend, Kyline.
a. How much is the DST due if you will file the DST return on April 15, 2023? (4 points)
b. How much is the DST payable if you will file the DST return on April 15, 2023? (4 points)
c. How much is the DST due if you will file the DST return on December 31, 2023? (4 points)
d. How much is the DST payable if you will file the DST return on December 31, 2023? (4 points)
III. Mitzi Mendoza acquired the shares of stocks of GMA Network, Inc. held by Kert Reyes on January
15, 2023. The total shares acquired were equivalent to 350,000 shares with a par value of P8.50 per
share. At that time, the shares were being traded in the local stock exchange at P12.44 per share.
b. What is the amount of the DST payable within the prescribed deadline? (4 points)
c. How much is the DST due if you will file the DST return on April 15, 2023? (4 points)
d. How much is the DST payable if you will file the DST return on April 15, 2023? (4 points)
e. How much is the DST due if you will file the DST return on December 31, 2023? (4 points)
f. How much is the DST payable if you will file the DST return on December 31, 2023? (4 points)
IV. Renzelle Alejandro committed to buy the no-par value shares of Kyle Corporation on December
25, 2022. The acquisition pushed through on January 10, 2023 where Renzelle Alejandro acquired
500,000 shares of the corporation directly out of the latter’s unissued authorized capital stock for
P2,500,000. The fair value at the time of acquisition is estimated to be equivalent to P6.50 per
share.
c. How much is the DST payable if you will file the DST return on December 31, 2023? (4 points)
V. Renzelle Alejandro committed to buy the no-par value shares of Kyle Corporation on December
25, 2022. The acquisition pushed through on January 10, 2023 where Renzelle Alejandro acquired
500,000 shares of the corporation not directly out of the latter’s unissued authorized capital stock
but from Kyle Alday who purchased the said shares for P2,500,000. The fair value at the time of
acquisition is estimated to be equivalent to P6.50 per share.
c. How much is the DST payable if you will file the DST return on December 31, 2023? (4 points)
VI. Ramon and Nico have known each other for years. Due to emergency, Nico needed funds for his
hospital bills. He asked Ramon to lend him money amounting to P1,500,000 with 12% interest per
annum. The interest will be paid on a monthly basis starting from the month after the execution
of the loan agreement with Ramon and Nico as the parties thereto. The loan agreement was
executed on January 15, 2023 which will mature after two (2) years. The said agreement was
notarized with a cost of P1,000 as well as the storage cost of P10,000 per month since they have
agreed to rent a vault where they can store the loan agreement they have entered.
VII. Arinto Company sold a parcel of land located in Sampaloc, Manila to Mercado Ltd. or a considering
amounting to P5,950,000. The sale was supported with a deed of absolute sale drafted on January
14, 2023, and signed by the parties on February 3, 2023. At the time drafting and signing of the
deed, the fair value of the land is P6,150,000 and P6,350,000, respectively. When Arinto Company
paid its latest real property tax, the land was assessed to have a value of P6,000,000.
VIII. Arinto Company entered into a lease arrangement with Mercado Ltd. wherein the latter will be
using the condominium unit of the former for a span of five (5) years. It was agreed that the
monthly rental is P65,000 which is clearly written in the agreement itself. The agreement was
executed on January, 1, 2023.

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QUIZ ON DOCUMENTARY STAMP TAX – Supply the correct answer. Show your complete solutions.

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