Dominic owns a property in Sai Kung which was let under the following terms: I. Term: 1 January 2020 to 31 December 2020. II.
Dominic owns a property in Sai Kung which was let under the following terms: I. Term: 1 January 2020 to 31 December 2020. II.
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 32P
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Question
Dominic owns a property in Sai Kung which was let under the following terms:
I. Term: 1 January 2020 to 31 December 2020.
II. Rental deposit: $16,000.
III. Monthly rent: $8,000.
IV. Rates: $1,000 per quarter payable by the tenant.
V. Management fee: $800 per month payable by the tenant.
The tenant paid rent on schedule only up to June 2020, but he continued to live in the property until December 2020. Dominic repossessed the property and applied the rental deposit against the outstanding rent. The property was let again in February 2021 at a monthly rent of $3,000.
What is the net assessable value of the property for the year of assessment 2020/21?
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT