Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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 (9) 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 5. Which of the following statement is FALSE in relation to claiming of expenses under salaries tax A) The payment to the employment agency for introducing a job is not allowable. B) The payment of school fees to study for the HKICPA qualification, so as to maintain qualifications as an accounting manager, is not allowable. C) The payment of travelling from home to office is not allowable. D) The payment of annual subscriptions to professional associations is allowable, provided that the retention of membership in the body is a prerequisite of the employment Vivian works as a lecturer at HKU SPACE. During the year ended 31 March 2019 she incurred the following expenses Tuition fee for attending a PhD course organised by the University of 530,000 Hong Kong Examination fee for the above PhD course 56,000 7 a Books for preparing for the examination $1,500 How much can the claim for self-education expenses m the year of assessment 2018 192 A) $6,000 3) 57.500 C) S36,000 D) $37,500 8 Which of the following statements is correct? Ay If an income is capital in nature, it is chargeable to Hong Kong profits tax B) If an expense is retenue its tiature, it is disallowable under Hong Kong profits tax C) Interest income derived from Hong Kong is chargeable to Hong Kong profits tex D) The sales revenue earned by a person carrying on a business in Hong Kong as a trading receipt and is chargeable to Hong Kong profits tax

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Organizational Change

Authors: Barbara Senior, Stephen Swailes

5th Edition

1292063831, 9781292063836

More Books

Students also viewed these Accounting questions