D Question 48 1 pts On January 1, 2017, Caloy leased his land to Leo. The terms of the contract of lease is for fifteen (15) years and the rental fee is P360,000 a year. The contract provides that Leo will construct a building and at the end of the term of the contract, the ownership of the building will be transferred to Caloy. The building, with a useful life of 30 years, was completed on January 1, 2018 at a cost of P6,000,000. Assume Caloy will spread his income over the term of the contract of lease. For income tax purposes. Caloy's 2018 income is P360,000 OP560,000 OP6,360,000 P760,000