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How much should she report as income

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Problem - Myka, a real estate dealer, sold a real property for P2,000,000 on November 30, 2010. The cost of the property was P1 500,000. The terms of the sale was 20% down payment and the balance in monthly installment of P100,000 beginning December 2019 until fully paid.

1. How much is the income to be reported in 2019?

2. Assume that Myka is not a real estate dealer and the same is held as investment, how much should she report as income in 2019?

3. Assume that Myka is not a real estate dealer but the real estate sold was a parcel of land used in business. How much should he report as income in 2019?

Reference no: EM132654669

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