Anna bought a condominium unit under installment basis, to be used as his office in the practice of his profession and paying P10, 000 monthly. For income tax purposes, the P10,000 monthly payment shall be*Treated as business rental, hence deductibleTreated as capital expenditure, hence not deductibleTreated as depreciation expense, hence deductibleTreated as ordinary business expense The following are not taxable, except:*Refund of fringe benefit taxRefund of Philippine income taxRefund of estate or donor’s taxRefund of special assessment

Purchase under installment basis is that the buyer of the property or anything buys goods but the…

Answered: Anna bought a condominium unit under…

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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Anna bought a condominium unit under installment basis, to be used as his office in the practice of his profession and paying P10, 000 monthly. For income tax purposes, the P10,000 monthly payment shall be*

Treated as business rental, hence deductible
Treated as capital expenditure, hence not deductible
Treated as depreciation expense, hence deductible
Treated as ordinary business expense

The following are not taxable, except:*

Refund of fringe benefit tax
Refund of Philippine income tax
Refund of estate or donor’s tax
Refund of special assessment

Definition Definition Benefits in addition to compensation that companies give to their employees. Fringe benefits can boost morale and productivity and keep employees motivated. Companies often use fringe benefits as a competitive advantage to recruit and retain employees. Examples of fringe benefits include pensions, vacation time, tuition reimbursement, free or subsidized meals, and gym memberships.

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