First, the company president is not a rank-and-file employee. Thus, the housing benefit is subject to fringe benefits tax pursuant to Section 33 of…

The question

First, the company president is not a rank-and-file employee. Thus, the housing benefit is subject to fringe benefits tax pursuant to Section 33 of the NIRC and Section 2.33 (A) of the RR No. 03- 98. Although the housing benefit to the President may be for the convenience of the employer (PRT Corp.) or necessary to its business, still, it also inured to the benefit of the President as his stay therein is for free. RR No. 03-98 also provides for the guidelines and valuation of fringe benefits for purposes of computing the portion which shall be subject to fringe benefits tax in cases where the fringe benefits entail joint benefits to the employer and employee. Thus, there was a taxable fringe benefit. Income from dealings in property (real, personal, or mixed) is the gain or loss derived: (2011 Bar Question)

1. A.only from the cash sales of property.
2. B.from cash and gratuitous receipts of property.
3. C.from sale and lease of property.
4. D.only from the sale of property.

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