7. Profits 1

7. Profits 1 - BUSI 0018 Hong Kong Taxation Tutorial...

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TQ_U7_Profits_1 1 BUSI 0018 – Hong Kong Taxation Tutorial Questions Unit 7 – Profits Tax (1) Question 17 Mr. and Mrs. Leung entered into a sale agreement in December 2009 in respect of a residential property located in Wanchai, Hong Kong. The property was acquired by them under joint names in October 2009. As a result of the sale, Mr. and Mrs. Leung earned a gain of HK$1 million. In a meeting with Mr. and Mrs. Leung, you also found that during the period from January 2009 to December 2009, they have entered into similar transactions of buying and selling two other properties in Hong Kong. Total gain earned was around HK$2.5 million. Required: As a tax consultant, advise Mr. and Mrs. Leung whether or not the gain earned from the property transactions would be subject to any tax in Hong Kong. You should also mention what additional information is required for your analysis.
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TQ_U7_Profits_1 2 Question 18 Part I Discuss if the following activities amount to trading: (a) Mr. Lau is an employee of an Art Gallery.
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7. Profits 1 - BUSI 0018 Hong Kong Taxation Tutorial...

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