In 20X1, MNO Corporation purchased a residential house and lot for P2,300,000. The property was sold to the President of the corporation for P1,980,000. The fair market value per BIR and per Assessor's Office were P2,500,000 and P2,607,000 respectively. Assuming that the property was sold to the President for P2,500,000, how much was the fringe benefit tax, in any?

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The fringe benefit tax for the transaction involving the sale of property from MNO Corporation to it... View the full answer