This preview shows page 1. Sign up to view the full content.
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...
View Full Document
- Spring '11