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How much was the cost basis of the new principal

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Question - Mr. Jonas Saragoza assigned and conveyed his principal residence with fair market value of P4,000,000 and in addition paid P2,000,000 to acquire as new principal residence of Ms. Alyssa Ponciano. Ms. Ponciano, on the other hand, conveyed principal residence to Mr. Saragoza with fair market value of P5,000,000, with the intention of making the property received from Mr. Saragoza as her new principal residence. The historical cost of the old principal residence of Mr. Saragoza is P1,000,000 while the historical cost of the old principal residence of Ms. Ponciano is P500,000.

How much was the cost basis of the new principal residence of Mr. Saragoza?

a. 4,000,000

b. 3,000,000

c. 500,000

d. 416,667

Reference no: EM132972400

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