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A domestic corporation owns a condominium unit. In 2018, the said corporation furnished and granted the said property for the residential use of its Assistant Vice President. The fair market value of the property per BIR assessment amounts to P10,000,000, while its market value as shown in its current Real Property Declaration amounts to P8,000,000. How much is the fringe benefit tax for the year? P134,616 P11,218 P250,000 Answer not given P20,833

A domestic corporation owns a condominium unit. In 2018, the said corporation furnished and granted the said property for the residential use of its Assistant Vice President. The fair market value of the property per BIR assessment amounts to P10,000,000, while its market value as shown in its current Real Property Declaration amounts to P8,000,000. How much is the fringe benefit tax for the year? P134,616 P11,218 P250,000 Answer not given P20,833

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A domestic corporation owns a condominium unit. In 2018, the said corporation furnished and granted the said property for the residential use of its Assistant Vice President. The fair market value of the property per BIR assessment amounts to P10,000,000, while its market value as shown in its current Real Property Declaration amounts to P8,000,000. How much is the fringe benefit tax for the year?

  1. P134,616
  2. P11,218
  3. P250,000
  4. Answer not given
  5. P20,833

 

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