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During 2018, Jose bought a parcel of land amounting to P500,000 (for speculation). After several...

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Accounting

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?

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