In 2018, Blacklist International Corporation bought a condominium unit on the installment for the use of its executive: Acquisition cost (inclusive of 12% interest) P6,720,000. Fair Market Value 6,800,000 Zonal Value 6,500,000. 1. How much is the fringe benefit tax? 2. Assume the ownership over the property will be transferred to the executive, how much is the fringe benefit tax?
In 2018, Blacklist International Corporation bought a condominium unit on the installment for the use of its executive: Acquisition cost (inclusive of 12% interest) P6,720,000. Fair Market Value 6,800,000 Zonal Value 6,500,000. 1. How much is the fringe benefit tax? 2. Assume the ownership over the property will be transferred to the executive, how much is the fringe benefit tax?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges
Section: Chapter Questions
Problem 35P
Related questions
Question
Transcribed Image Text:In 2018, Blacklist International Corporation bought a condominium unit on the installment for
the use of its executive:
Acquisition cost (inclusive of 12% interest)
P6,720,000.
Fair Market Value
6,800,000
Zonal Value
6,500,000.
1. How much is the fringe benefit tax?
2. Assume the ownership over the property will be transferred to the executive, how much is the
fringe benefit tax?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT