Hi, can you answer this question in more detail?

Subject: Taxation and Estate Planning

Section B: 1 Short Question. 1. Ms. A bought a flat on 1 June 2011 and let it to Mr. B for a three year lease from 1 June 2011 at a monthly rent of $40,000. Mr. B occupied the flat up to 30 June 2012, and disappeared. He did not pay the rent for the six months of December 2011 to May 2012. Ms. A took back the flat on 1 August 2012 and let it to Mr. C on 1 October 2012 at a monthly rent of $10,000. Ms. A paid rates of $3,000 per quarter. Given 15% property tax rate, compute the property tax payable for the year of assessment 2011/12 and 2012/13. (Please show all the steps of your solutions and round up to the nearest dollar.) (24 marks) Property tax computation formula Assessable value Less: Irrecoverable consideration Assessable value after deduction of bad debt Less: Rates paid by owner where the owner agreed to pay the rates Assessable value after deduction of rates Less: Statutory deduction at 20% Net assessable value Property tax thereon at the standard rate