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8. In June 2005, I received a piece of land fairly valued at P1,000,000 from his wealthy best friend as a birthday gift. Since I

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8. In June 2005, I received a piece of land fairly valued at P1,000,000 from his wealthy best friend as a birthday gift. Since I had no use of the said donated land he immediately sold it to G for only P500,000. What is the total tax liability of J? a. P30,000 c. P210,000 b. P60,000 d. P360,00

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