6. X Corporation was duly issued a certificate of registration by the SEC and commeced its operation. But after engaging in business it stopped operation for 4 years straight now and failed to submit any required document to the SEC for the past 3 years. (a) The SEC can declare X corporation as delinquent and may now revoke its charter (b) The SEC can declare X corporation as delinquent but not yet revoke its charter

7. X, a non-stock educational institution offers dormitories to students, operates a cafeteria and a bookstore. All of which present a profit for X but the profits are used to defray expenses and improve the facilities of X. The BIR is assessing X for non- payment of income tax for realized profits. (a) X is liable for payment of taxes being engaged in business and realizing profits loses its non-stock, non-profit character (b) X is not liable as the operations of these facilities are incidental to its purpose/s and none of the profits are distributed to its members