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Mr. X sold his principal residence with fair market value of P12,000,000 for P10,000,000. Mr. X purchased the house and lot 5 years ago for

Mr. X sold his principal residence with fair market value of P12,000,000 for P10,000,000. Mr. X purchased the house and lot 5 years ago for P6,000,000. Mr. X used P9,000,000 of the proceeds to acquire new residence. What is the tax basis/adjusted cost basis of the new principal residence?

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