As part of its employee benefits plan, Omega Corporation acquired apiece of residential lot worth P2M for its Chief Executive Officer andconstructed upon it a house at a cost P4M. Ownership of the house andlot was turned over to the CEO upon completion of the construction. 40%of the value of the house and lot will be deducted from the director’ssalary over a period of 5 years. Compute the fringe benefit tax

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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As part of its employee benefits plan, Omega Corporation acquired apiece of residential lot worth P2M for its Chief Executive Officer andconstructed upon it a house at a cost P4M. Ownership of the house andlot was turned over to the CEO upon completion of the construction. 40%of the value of the house and lot will be deducted from the director’ssalary over a period of 5 years. Compute the fringe benefit tax

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