Ken derived the following in the year 2021: (i) Rental surplus of $5,000 from Property 1. (ii) Rental deficit of ($6,000) from Property 2. (iii) Interest income of $12,000 from maturity of fixed deposit placement with DBS Bank, an approved bank in Singapore. (iv) Commission of $10,000 from brokering a property rental arrangement. What is Ken’s taxable income for Year of Assessment 2022?
Ken derived the following in the year 2021: (i) Rental surplus of $5,000 from Property 1. (ii) Rental deficit of ($6,000) from Property 2. (iii) Interest income of $12,000 from maturity of fixed deposit placement with DBS Bank, an approved bank in Singapore. (iv) Commission of $10,000 from brokering a property rental arrangement. What is Ken’s taxable income for Year of Assessment 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Ken derived the following in the year 2021:
(i) Rental surplus of $5,000 from Property 1.
(ii) Rental deficit of ($6,000) from Property 2.
(iii) Interest income of $12,000 from maturity of fixed deposit placement with DBS Bank, an approved bank in Singapore.
(iv) Commission of $10,000 from brokering a property rental arrangement.
What is Ken’s taxable income for Year of Assessment 2022?
Group of answer choices
a) $9,000.
b) $10,000.
c) $21,000.
d) $27,000.
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