Anna owns an investment property in Sai Kung for many years which has been rented out at $30,000 per month. She holds a non refundable rental deposit of $90,000. In the year of assessment 2023/24, she was able to collect rent for the first three months only. She finally repossessed the property and rented the property on 1 February 2024 at a new rent of $20,000 per month. Rates and management fees paid by Anna during the year was $36,000 and $24,000 respectively. What is the net assessable value for property tax purposes for the year of assessment 2023/24?
Anna owns an investment property in Sai Kung for many years which has been rented out at $30,000 per month. She holds a non refundable rental deposit of $90,000. In the year of assessment 2023/24, she was able to collect rent for the first three months only. She finally repossessed the property and rented the property on 1 February 2024 at a new rent of $20,000 per month. Rates and management fees paid by Anna during the year was $36,000 and $24,000 respectively. What is the net assessable value for property tax purposes for the year of assessment 2023/24?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Anna owns an investment property in Sai Kung for many years which has been rented out at $30,000 per month. She holds a non refundable rental deposit of $90,000. In the year of assessment 2023/24, she was able to collect rent for the first three months only. She finally repossessed the property and rented the property on 1 February 2024 at a new rent of $20,000 per month. Rates and management fees paid by Anna during the year was $36,000 and $24,000 respectively. What is the net assessable value for property tax purposes for the year of assessment 2023/24?
Question 21Select one: a. $192,000 b. $144,000
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