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How much is the gross taxable income on the second year

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Reference no: EM132816667

Problem 1: Mr. Jason, self-employed, had a P25 million construction project. T he said project is estimated to be completed within three years with the following costs and estimates: Cost incurred to date and Percentage of completion respectively: 1st year 10,000,000; 45%. 2nd year 16,000,000; 70%. 3rd year 22,000,000 100%. How much is the gross taxable income on the second year, assuming the taxpayer was using the percentage of completion method?

Select one:

a. P1,250,000
b. P250,000
c. P500,000
d. P-0-

Reference no: EM132816667

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