Munoz Corp.'s books showed pretax financial income of $3,600,000 for the year ended December 31, 2021. In the computation of federal income taxes, the following data were considered:  Gain on an involuntary conversion $1,560,000  (Munoz has elected to replace the property within the statutory   period using total proceeds.)  Depreciation deducted for tax purposes in excess of depreciation   deducted for book purposes 240,000

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A:

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.