Question 12 Which is subject to VAT? O Distribution of ordinary assets to stockholders by a corporation. O Personal consumption of capital assets. Donation of capital assets O Transfer of ordinary assets in exchange for shares of stock to gain control over the corporation. Question 13 Any person who elects to be a VAT-registered person shall be allowed input tax on his beginning inventory of goods, materials and supplies equivalent to: O 2% of the value of such inventory or the actual VAT paid, whichever is higher. O 2% of the value of such inventory or the actual VAT paid, whichever is lower. O 2% of the value of such inventory. O actual VAT paid on such inventory. 2 pts 2 pts