Among the properties included in the decedent’s gross estate is a four-story commercial building with a FMV at the time of decedent’s date at P15,000,000. During the settlement of the estate, the...

Among the properties included in the decedent’s gross estate is a four-story commercial building with a FMV at the time of decedent’s date at P15,000,000. During the settlement of the estate, the aforementioned property was destroyed by fire. The FMV at the time of the incident was P8,350,000. Assume that 60% of the building was destroyed and was not insured. The deductible loss will be?

1. 
   
   
   
   1. P9,000,000                                                                 P6,000,000
   
   
   2. P0                                                                 P6,650,000