. In 2018, Delta Corporation bought a condominium unit on installment for the use of its executive. The acquisition cost inclusive of 12% interest is P6,720,000. The fair market value of the property per tax declaration is P6,800,000 while the zonal value is P6,500,000.
. In 2018, Delta Corporation bought a condominium unit on installment for the use of its executive. The acquisition cost inclusive of 12% interest is P6,720,000. The fair market value of the property per tax declaration is P6,800,000 while the zonal value is P6,500,000.
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 54P
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Transcribed Image Text:1. In 2018, Delta Corporation bought a condominium unit on installment for the use of its executive. The
acquisition cost inclusive of 12% interest is P6,720,000. The fair market value of the property per tax
declaration is P6,800,000 while the zonal value is P6,500,000.
a. How much is the fringe benefits tax?
b. Assuming that the ownership over the property will be transferred to the executive, how much is the
fringe benefits tax?
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