In 2018, X Corporation allows its accounting staff to incur expenses subject to reimbursement, as follows:...

 

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In 2018, X Corporation allows its accounting staff to incur expenses subject to reimbursement, as follows: Electricity- 70% in the name of X Corporation Water-70% in the name of X Corporation Grocery, household expenses Gasoline of company car Representation and Transportation - not subject for liquidation 3. Compute: Fringe Benefit Tax. 3 points P30,000 10,000 4,000 2,000 12,000 C. Mr. Nyl, resident citizen, disposed of his principal residence in the Philippines which was previously acquired at P1,000,000 for P3,500,000. The property has a zonal value of P3,000,000, assessed value of P3,800,000 and an independent appraisal value of P5,000,000 at the date of sale. 4. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P4,500,000. 3 points 5. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P2,000,000. 3 points 6. Assuming that the new residence was acquired for P3,800,000 and the buyer assumed a mortgage in the previous residence amounting to P1,500,000. Compute the capital gains tax: In 2018, X Corporation allows its accounting staff to incur expenses subject to reimbursement, as follows: Electricity- 70% in the name of X Corporation Water-70% in the name of X Corporation Grocery, household expenses Gasoline of company car Representation and Transportation - not subject for liquidation 3. Compute: Fringe Benefit Tax. 3 points P30,000 10,000 4,000 2,000 12,000 C. Mr. Nyl, resident citizen, disposed of his principal residence in the Philippines which was previously acquired at P1,000,000 for P3,500,000. The property has a zonal value of P3,000,000, assessed value of P3,800,000 and an independent appraisal value of P5,000,000 at the date of sale. 4. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P4,500,000. 3 points 5. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P2,000,000. 3 points 6. Assuming that the new residence was acquired for P3,800,000 and the buyer assumed a mortgage in the previous residence amounting to P1,500,000. Compute the capital gains tax: In 2018, X Corporation allows its accounting staff to incur expenses subject to reimbursement, as follows: Electricity- 70% in the name of X Corporation Water-70% in the name of X Corporation Grocery, household expenses Gasoline of company car Representation and Transportation - not subject for liquidation 3. Compute: Fringe Benefit Tax. 3 points P30,000 10,000 4,000 2,000 12,000 C. Mr. Nyl, resident citizen, disposed of his principal residence in the Philippines which was previously acquired at P1,000,000 for P3,500,000. The property has a zonal value of P3,000,000, assessed value of P3,800,000 and an independent appraisal value of P5,000,000 at the date of sale. 4. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P4,500,000. 3 points 5. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P2,000,000. 3 points 6. Assuming that the new residence was acquired for P3,800,000 and the buyer assumed a mortgage in the previous residence amounting to P1,500,000. Compute the capital gains tax: In 2018, X Corporation allows its accounting staff to incur expenses subject to reimbursement, as follows: Electricity- 70% in the name of X Corporation Water-70% in the name of X Corporation Grocery, household expenses Gasoline of company car Representation and Transportation - not subject for liquidation 3. Compute: Fringe Benefit Tax. 3 points P30,000 10,000 4,000 2,000 12,000 C. Mr. Nyl, resident citizen, disposed of his principal residence in the Philippines which was previously acquired at P1,000,000 for P3,500,000. The property has a zonal value of P3,000,000, assessed value of P3,800,000 and an independent appraisal value of P5,000,000 at the date of sale. 4. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P4,500,000. 3 points 5. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P2,000,000. 3 points 6. Assuming that the new residence was acquired for P3,800,000 and the buyer assumed a mortgage in the previous residence amounting to P1,500,000. Compute the capital gains tax: In 2018, X Corporation allows its accounting staff to incur expenses subject to reimbursement, as follows: Electricity- 70% in the name of X Corporation Water-70% in the name of X Corporation Grocery, household expenses Gasoline of company car Representation and Transportation - not subject for liquidation 3. Compute: Fringe Benefit Tax. 3 points P30,000 10,000 4,000 2,000 12,000 C. Mr. Nyl, resident citizen, disposed of his principal residence in the Philippines which was previously acquired at P1,000,000 for P3,500,000. The property has a zonal value of P3,000,000, assessed value of P3,800,000 and an independent appraisal value of P5,000,000 at the date of sale. 4. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P4,500,000. 3 points 5. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P2,000,000. 3 points 6. Assuming that the new residence was acquired for P3,800,000 and the buyer assumed a mortgage in the previous residence amounting to P1,500,000. Compute the capital gains tax: In 2018, X Corporation allows its accounting staff to incur expenses subject to reimbursement, as follows: Electricity- 70% in the name of X Corporation Water-70% in the name of X Corporation Grocery, household expenses Gasoline of company car Representation and Transportation - not subject for liquidation 3. Compute: Fringe Benefit Tax. 3 points P30,000 10,000 4,000 2,000 12,000 C. Mr. Nyl, resident citizen, disposed of his principal residence in the Philippines which was previously acquired at P1,000,000 for P3,500,000. The property has a zonal value of P3,000,000, assessed value of P3,800,000 and an independent appraisal value of P5,000,000 at the date of sale. 4. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P4,500,000. 3 points 5. Compute the amount of tax and the new tax basis of the new residence if it was acquired for P2,000,000. 3 points 6. Assuming that the new residence was acquired for P3,800,000 and the buyer assumed a mortgage in the previous residence amounting to P1,500,000. Compute the capital gains tax:

Answer rating: 100% (QA)

Lets break down the calculations step by step Compute the Fringe Benefit Tax To calculate the Fringe Benefit Tax FBT for the expenses incurred by X Corporation for its accounting staff we need to dete... View the full answer