1. Which of the following is NOT a function of the Board of Inland Revenue? A) To prescribe the returns to be used for property tax, salaries tax, profits tax and personal assessment. B) To make the Inland Revenue Rules. C) To hear appeals lodged by the taxpayers against the Commissioner of Inland Revenue's determination. D) None of the above is correct. 2. In which of the following circumstances is the taxpayer subject to Hong Kong property tax? 3. A) A corporation sublets an office together with office equipment to a sole proprietor. B) A corporation sublets a residential premises to another corporation. C) An individual sublets a room of a flat leased by him from the landlord. D) An individual lets an office premises to a corporation. During the year ended 31 March 2019, Dick earned rental income of HK$360,000 from the current tenant of his residential property. He also received the outstanding rent of HK$40,000 from a former tenant. Outstanding rent totalling HK$100,000 was deducted as irrecoverable rent in the year of assessment 2015/16. The net assessable value of Dick's property for the year of assessment 2018/19 is: A) $288,000. B) $320,000. C) $368,000 D) $400,000 4. Samson received a lump-sum premium of $96,000 from a lease of residential property to Claudia from 1 July 2017 to 30 June 2019. The amount of premium to be assessed under Hong Kong property tax for the year of assessment 2017/18 is: A) $12,000 B) $24,000. C) $36,000. D) $96,000. 5 5 . Which of the following properties, all owned by Claudia, would likely enable her to claim a deduction for home loan interest? (1) A property occupied by her son (2) A property occupied by her tenant 3) A principal residence of Claudia financed by a mortgage loan obtained from her employer (4) A property for her vacation purposes A) 3 only B) 1 and 3 only C) 1, 2 and 3 only D) 1, 2, 3 and 4