ACCT3161_ass1_1011_2nd

ACCT3161_ass1_1011_2nd - from 1 June 2008. You are required...

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THE CHINESE UNIVERSITY OF HONG KONG School of Accountancy ACCT 3161 – Taxation (2 nd Term, 2010-2011) Assignment 1 Due Date: February 14, 2011 4:00 pm Question 1 Explain: (a) the structure and its functions of Board of Inland Revenue. (b) the structure and its functions of Board of Review. Question 2 Mr. Cheung purchased a flat on 1 July 2006, and the flat was let to Mr. Wong for a two-year lease on the same day. Mr. Wong paid to Mr. Cheung a premium of $300,000 on 1 July 2006 and a monthly rent of $30,000 which was payable on the first day of each month. Mr. Cheung paid rates of $2,000 per quarter. Mr. Wong paid the rent on time each month. However, he did not pay the rent for the three months of February, March and April 2008, and he moved out from the flat on 30 April 2008 with the rent still outstanding. Mr. Cheung took possession of the flat and let the flat to Mr. Lee at a monthly rent of $45,000
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Unformatted text preview: from 1 June 2008. You are required to compute the property tax payable for the years of assessment 2007/08 and 2008/09 (ignore tax rebate). Question 3 Mr. Chiu purchased a flat on 1 July 2006, and the flat was let to Mr. Kwan for a lease of two years from 1 July 2006. Mr. Kwan would pay a premium of $360,000 at the commencement of the lease, and a monthly rent of $20,000 per month. Mr. Kwan paid rent up to 30 November 2007, and he occupied the flat up to 31 May 2008, and disappeared from 1 June 2008. Mr. Chiu repossessed the flat on 31 July 2008, but he could not let the flat out until 1 April 2009. You are required to calculate the property tax payable by Mr. Chiu for the years of assessment 2006/07, 2007108 and 2008/09. ***END*** Data file: ch/ACCT3161_ass1_1011_2nd Page 1...
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