28.) S1: Nicanor, a senior manager of ABC Corp., received P 30,000 fringe benefits from the company.Nicanor has the obligation to report in his annual income tax return the fringe benefit he received.S2: Inday, an accounting clerk of ABC Corp., received P 5,000 fringe benefits from the company.The fringe benefits received by Inday is subject to fringe benefits taxa. Only S1 is trueb. Only S2 is trueC. Both are trued. Both are falseNext »

S1 Received P 30000 as fringe Benefits from Company. Statement :- Nicanor has the obligation to…

Answered: O a. Only S1 is true O b. Only S2 is…

Business

Accounting

O a. Only S1 is true O b. Only S2 is true O c. Both are true O d. Both are false

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter4: Gross Income

Section: Chapter Questions

Problem 8P

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Concept explainers

Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.

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28.)

S1: Nicanor, a senior manager of ABC Corp., received P 30,000 fringe benefits from the company.
Nicanor has the obligation to report in his annual income tax return the fringe benefit he received.
S2: Inday, an accounting clerk of ABC Corp., received P 5,000 fringe benefits from the company.
The fringe benefits received by Inday is subject to fringe benefits tax
a. Only S1 is true
b. Only S2 is true
C. Both are true
d. Both are false
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