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. In 2018, Delta Corporation bought a condominium unit on installment for the use of its executive. The acquisition cost inclusive of 12% interest is P6,720,000. The fair market value of the property per tax declaration is P6,800,000 while the zonal value is P6,500,000.

. In 2018, Delta Corporation bought a condominium unit on installment for the use of its executive. The acquisition cost inclusive of 12% interest is P6,720,000. The fair market value of the property per tax declaration is P6,800,000 while the zonal value is P6,500,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. In 2018, Delta Corporation bought a condominium unit on installment for the use of its executive. The acquisition cost inclusive of 12% interest is P6,720,000. The fair market value of the property per tax declaration is P6,800,000 while the zonal value is P6,500,000. a. How much is the fringe benefits tax? b. Assuming that the ownership over the property will be transferred to the executive, how much is the fringe benefits tax?
Transcribed Image Text:1. In 2018, Delta Corporation bought a condominium unit on installment for the use of its executive. The acquisition cost inclusive of 12% interest is P6,720,000. The fair market value of the property per tax declaration is P6,800,000 while the zonal value is P6,500,000. a. How much is the fringe benefits tax? b. Assuming that the ownership over the property will be transferred to the executive, how much is the fringe benefits tax?
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