Question
In 2019, Nadine corporation thru its board of directors approved a resolution that gives its supervisors free use of the companys residential condominium in Quezon
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)
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Intermediate Accounting Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian Edition
1119497043, 978-1119497042
