Jack Malipatan is the holder of 100,000 shares of stock of Emerald Corporation which he acquired at P10.00 per share. On June 30, 2019, he sold 40,000 shares at the shares at the Philippine Stock Exchange at P9.00 per share; and on December 5, 2019, he sold the remaining 60,000 shares at P12.00 per share. The tax to be paid by Mr. Malipatan on the sale of the 40,000 shares is: O P2,160.00 as percentage tax (stock transaction tax O None, because he sustained a loss of P40,000.00 O None, in the meantime, but the loss of P40,000.00 on June 30, 2019 will be absorbed by the gain of P120,000.00 on December 5, 2019, since the transactions on the sale of the shares of stock should be cumulated during the year O None, because the net gain on the shares of stock will be included in the computation of the taxable income of Mr. Malipatan during the year