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Graha is a prominent independent contractor who offers architectural and engineering services. Since his career flourished, her total gross receipts amounted to 10,250,000 for the taxable year 2023.

His recorded cost of service and operating expenses were 4,150,000 and 1,500,000, respectively.

Determine whether the taxpayer can opt to avail of the 8% preferential income tax. If yes, write yes and your reasons why and compute the total taxes due. If no, write no and your reason/s why and compute the total taxes due.