Other than the properties above, the tax payer has also a vacant lot which was purchased on February 2, 2018 which has a fair market value of P1,200,000 on December 31, 2019 but was sold at a selling price of P1,000,000. Net income from business operation during 2019 amounted to P 1,250,000.

Items sold	Date Acquired	Date Sold	Gain(Loss)
Car	08/14/2017	02/14/2019	100,000
Laptop	04/05/2018	03/05/2019	80,000
Home appliances	07/21/2018	08/24/2019	(160,000)
Books	12/28/2018	11/26/2019	(30,000)

Required: Assuming that the taxpayer is a/an a.) individual, b.) corporation, determine the following:

1.Taxable income subject to regular income tax rate.

2.Income subject to capital gains tax and the corresponding tax due.