The taxpayer is engaged in business with the following data for taxable year 2021, the first year of operation:

	MANILA	SEOUL	CEBU
Sales	P6,000,000	P3,000,000	P2,000,000
Rent income	300,000	1,200,000	0
Cash dividends from foreign corporation	0	200,000	0
Property dividends from domestic corporation	150,000	0	0
Royalties from musical composition	500,000	0	300,000
Royalties from patents	600,000	700,000	0
Interest income from customers	400,000	200,000	0
Interest on peso bank deposits	30,000	0	30,000
Interest on dollar bank deposits	50,000	50,000	40,000
Capital gain on sale of domestic shares - not thru stock exchange (Cost - P250,000)	400,000	0	0
Capital gain on sale of real property (Cost - P800,000; FMV - P1,000,000)	0	500,000	0
Capital gain on sale of real property (Cost - P1,500,000; FMV - P1,200,000)	0	0	900,000
Prizes	5,000	100,000	0
Cost of sales	4,000,000	1,500,000	1,000,000
Operating expenses	2,700,000	400,000	500,000

If the taxpayer is a resident citizen claiming itemized deductions,

the net taxable income is:

Group of answer choices

P4,605,000

P4,555,000

P3,105,000

P4,050,000