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Mr. Billy, a Filipino manager, lives in a residential house owned by his employer in Pasig City. Market value of the residential property is P9.4

Mr. Billy, a Filipino manager, lives in a residential house owned by his employer in Pasig City. Market value of the residential property is P9.4 million while zonal value is P10.4 million. The employer transfers the ownership of the condominium unit to Mr. Billy, how much is the fringe benefit tax assuming the zonal value of the unit is P 10,000,000?

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