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How much is the reportable gain

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Question - During 2018, Jose bought a parcel of land amounting to P500,000 (for speculation). After several months, a school was constructed adjacent to his land whereby increasing the land's market value to P2,500,000. A prospective buyer offered Jose P2,000,000 plus 6% capital gains tax as the purchase amount for the property. How much is the reportable gain for 2018?

a. 1,380,000

b. 1,500,000

c. 2,000,000

d. 0

Reference no: EM133115105

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