ACY3161ass1_1112_1st-3

ACY3161ass1_1112_1st-3 - THE CHINESE UNIVERSITY OF HONG...

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THE CHINESE UNIVERSITY OF HONG KONG School of Accountancy ACY 3161 – Taxation (1 st Term, 2011-2012) Assignment 1 Due Date: September 28, 2011 (Wednesday) 4:00 p.m. Question 1 Mr. La owns a property at North Point. The property was let to Mr. Man under the following terms: (1) Lease period: 1 October 2007 -30 September 2009 (24 months) (2) Monthly rent: HK$25,000 payable in advance at the beginning of each month (3) Initial premium: HK$120,000 (4) Management fee: HK$1,300 per month payable by the tenant (5) Rates: HK$3,000 per quarter payable by the tenant (6) Government rent: HK$1,800 per quarter payable by the tenant. Starting from 1 July 2009, Mr. Man did not pay any rent to Mr. Lo. Mr. Man moved out of the property upon expiry of the lease and was untraceable. It was discovered that Mr. Man also owed management fees for two months and rates and government rent for one quarter. The assessor accepted that the rent was irrecoverable from the time Mr. Man moved out from the property.
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