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Question 2 (50 marks) Mr. Lee wishes to purchase a flat and prepares to let it out for passive rental income. He asks you whether

Question 2 (50 marks)

Mr. Lee wishes to purchase a flat and prepares to let it out for passive rental income. He asks you whether it is good for him to purchase the flat in the name of himself or a company owned by him.

REQUIRED: Explain to Mr. Lee the benefits of acquiring the flat in his name or in the name of a company from the angle of property tax and profits tax. (Ignore the stamp duty implication.

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