Mr Lee is a Korean living in Korea. He is an employee of K(Korea) Ltd and a non-executive director of K(HK) Ltd. K(Korea) Ltd is a Korean company carrying on business in Korea, while K(HK) Ltd is a company managed and controlled in Hong Kong. During the year ended 31 March 2021, Mr Lee received director’s fee of $730,000 from K(HK) Ltd. He visited Hong Kong for 20 days to attend the director meetings of K(HK) Ltd during the year. Mr Lee’s total assessable income for the year of assessment 2020/21 is: Select one: a. $40,000 b. $365,000 c. Nil d. $730,000
Mr Lee is a Korean living in Korea. He is an employee of K(Korea) Ltd and a non-executive director of K(HK) Ltd. K(Korea) Ltd is a Korean company carrying on business in Korea, while K(HK) Ltd is a company managed and controlled in Hong Kong. During the year ended 31 March 2021, Mr Lee received director’s fee of $730,000 from K(HK) Ltd. He visited Hong Kong for 20 days to attend the director meetings of K(HK) Ltd during the year. Mr Lee’s total assessable income for the year of assessment 2020/21 is: Select one: a. $40,000 b. $365,000 c. Nil d. $730,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr Lee is a Korean living in Korea. He is an employee of K(Korea) Ltd and a non-executive director of K(HK) Ltd. K(Korea) Ltd is a Korean company carrying on business in Korea, while K(HK) Ltd is a company managed and controlled in Hong Kong. During the year ended 31 March 2021, Mr Lee received director’s fee of $730,000 from K(HK) Ltd. He visited Hong Kong for 20 days to attend the director meetings of K(HK) Ltd during the year. Mr Lee’s total assessable income for the year of assessment 2020/21 is:
Select one:
a.
$40,000
b.
$365,000
c.
Nil
d.
$730,000
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