In 2019, Nadine corporation thru its board of directors approved a resolution that gives its supervisors free

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In 2019, Nadine corporation thru its board of directors approved a resolution that gives its supervisors free use of the company’s residential condominium in Quezon City.

The following data were revealed in the resolution about the condominium:

Fair Market value of the condominium (per tax declaration) P 1,000,000

Zonal Value (per BIR assessment) 2,000,000

Fair market value (per Appraisal value) 2,500,000

How much is the Fringe benefits tax?

NOTE: Round off to the nearest whole number (example: P 123,456.7891 = P123,457)

Related Book For answer-question

Intermediate Accounting Volume 2

ISBN: 9781119497042

12th Canadian edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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Posted Date: Mar 08, 2022 09:35 AM

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In 2019, Nadine corporation thru its board of directors approved a resolution that gives its supervisors free

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If the employer owns a residential property and the same is assigned for the use of his employee as ... View the full answer

Intermediate Accounting Volume 2

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