1. 2. 3. Which of the following is NOT a function of the Board of Inland...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. 2. 3. Which of the following is NOT a function of the Board of Inland Revenue? A) To prescribe the returns to be used for property tax, salaries tax, profits tax and personal assessment. B) To make the Inland Revenue Rules. C) To hear appeals lodged by the taxpayers against the Commissioner of Inland Revenue's determination. D) None of the above is correct. In which of the following circumstances is the taxpayer subject to Hong Kong property tax? A) A corporation sublets an office together with office equipment to a sole proprietor. B) A corporation sublets a residential premises to another corporation. C) An individual sublets a room of a flat leased by him from the landlord. D) An individual lets an office premises to a corporation. During the year ended 31 March 2019, Dick earned rental income of HK$360,000 from the current tenant of his residential property. He also received the outstanding rent of HK$40,000 from a former tenant. Outstanding rent totalling HK$100,000 was deducted as irrecoverable rent in the year of assessment 2015/16. The net assessable value of Dick's property for the year of assessment 2018/19 is: A) $288,000. B) $320,000. C) $368,000. D) $400,000. Samson received a lump-sum premium of $96,000 from a lease of residential property to Claudia from 1 July 2017 to 30 June 2019. The amount of premium to be assessed under Hong Kong property tax for the year of assessment 2017/18 is: A) $12,000. B) $24,000. C) $36,000. D) $96,000. 1. 2. 3. Which of the following is NOT a function of the Board of Inland Revenue? A) To prescribe the returns to be used for property tax, salaries tax, profits tax and personal assessment. B) To make the Inland Revenue Rules. C) To hear appeals lodged by the taxpayers against the Commissioner of Inland Revenue's determination. D) None of the above is correct. In which of the following circumstances is the taxpayer subject to Hong Kong property tax? A) A corporation sublets an office together with office equipment to a sole proprietor. B) A corporation sublets a residential premises to another corporation. C) An individual sublets a room of a flat leased by him from the landlord. D) An individual lets an office premises to a corporation. During the year ended 31 March 2019, Dick earned rental income of HK$360,000 from the current tenant of his residential property. He also received the outstanding rent of HK$40,000 from a former tenant. Outstanding rent totalling HK$100,000 was deducted as irrecoverable rent in the year of assessment 2015/16. The net assessable value of Dick's property for the year of assessment 2018/19 is: A) $288,000. B) $320,000. C) $368,000. D) $400,000. Samson received a lump-sum premium of $96,000 from a lease of residential property to Claudia from 1 July 2017 to 30 June 2019. The amount of premium to be assessed under Hong Kong property tax for the year of assessment 2017/18 is: A) $12,000. B) $24,000. C) $36,000. D) $96,000.
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below 1 The board of inland revenue oversees all of the possibilities The returns to be utilize... View the full answer
Related Book For
Posted Date:
Students also viewed these general management questions
-
Section 1 Personal Information (1) Tim Choi, HKID D987654(3); Grace Lam: HKID D123456(7). Both are HKPR. (2) Tim and Grace are married with three children, Daniel and Maria, their biological...
-
1. Betty contributed property with a $40,000 basis and fair market value of $85,000 to the Rust Partnership in exchange for a 50% interest in partnership capital and profits. During the first year of...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Why is the number of equivalent units for materials only sometimes equal to the equivalent units for conversion?
-
Summarize New Year rituals associated with Shinto.
-
What percentage of the population live in their state of birth? According to the U.S. Census Bureau's American Community Survey, the figure ranges from 25% in Nevada to 78.7% in Louisiana. The...
-
A FedEx airplane costs $50 million and is expected to fly 500 million miles during its 10-year life. Residual value is expected to be zero because the plane was used when acquired. If the plane...
-
CMD Asset Management has the following fee structure for clients in its equity fund: 1.00% of first $5 million invested 0.75% of next $5 million invested 0.60% of next $10 million invested 0.40%...
-
What are some potential benefits to companies of paying executives with stock options? What are some potential risks to companies of paying executives with stock options?
-
Three employees in the maintenance department are responsible for repairing the video games at Pinball Wizard, a video arcade. A maintenance worker can fix one video game machine every B hours on...
-
Let z = f(x, y, t) = 3xy + 2t where x(t) = t +1 and y(t) = t. Compute the total dy derivative and evaluate it at t = 0. dt
-
Excluding securitization, as it relates to the disintermediation of bank loans, what is securitization? Why would a firm (bank or company) want to securitize an asset? Explain briefly
-
Compare and contrast the somatic and autonomic division of the peripheral nervous system.
-
You will use the information provided in Scenario to roster a team to effectively manage three separate service periods within the establishment. The service periods are: Thursday evening with a...
-
How does using individual's social media posts constitute discrimination violating EEOC standards? Is there any method that could provide a business a way to use information from an applicant's...
-
Real estate prices in a Denver neighborhood are Normally distributed with a mean price of $187,500 and a standard deviation of $12,500. A graph titled Denver Neighborhood Real Estate Pricing has Cost...
-
Hooke's Law is given by the simple expression = x, which defines the force required to extend a spring by a distance , where is the spring's stiffness constant. Use dimensional analysis to determine...
-
Proposals have been made to ?sail? spacecraft to the outer solar system using the pressure of sunlight, or even to propel interstellar spacecraft with high-powered, Earth-based lasers. Sailing...
-
a. Turn to the S&P 500 contract. If the margin requirement is 10% of the futures price times the multiplier of $250, how much must you deposit with your broker to trade the March maturity contract?...
-
Break down the variance of each stock to the systematic and firm-specific components. Suppose that the index model for stocks A and B is estimated from excess returns with the following results: RA =...
-
Which of the following hedge fund types is most likely to have a return that is closest to risk-free? a. A market-neutral hedge fund. b. An event-driven hedge fund. c. A long/short hedge fund.
-
On July 31, 2020, Magnus's Muffins paid \(\$ 18,000\) for business insurance for the next year. Record the entries for the purchase of the insurance by recording it as an expense and then making a...
-
On November 1, 2020, Freya Albatter's orthodontic office received a \(\$ 2,500\) prepayment from a client for dental work to be performed on November 22. The appointment got postponed until January...
-
On April 1, 2020, you prepaid three months of rent for a total of \(\$ 18,000\). Give your adjusting entry to record rent expense at April 30, 2020. Include the date of the entry and an explanation....
Study smarter with the SolutionInn App