2020-10-10
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A capital gain is a profit that results from a disposition of a capital asset, such as stock, bond or real estate, where the amount realized on the disposition exceeds the purchase price. The gain is the difference between a higher selling price and a lower purchase price. Conversely, a capital loss arises if the proceeds from the sale of a capital asset are less than the purchase price.
Capital gains may refer to "investment income" that arises in relation to real assets, such as property; financial assets, such as shares /stocks or bonds; and intangible assets.
Some countries impose a tax on capital gains of individuals or corporations. Tax relief or exemptions may be available for capital gains in relation to holdings in certain assets such as significant common stock holdings. Reasons for such exemptions are to provide incentives for entrepreneurship, to compensate for the effects of inflation, or to avoid "double taxation".
Answer the following questions:
1. What is tax law?
2. What are indirect taxes?
3. What are direct taxes?
4. What is an inheritance tax?
5. Who can be exempted from the inheritance tax?
6. What is income tax?
7. What is capital gain?
Task 2.Fill in the gaps with appropriate words from the box.
| compulsory levies imposed; inheritance tax; inherit property; capital gain; entity's legal existence; exemption or reduction; estates, transactions, property, income; country and subdivisions; income tax; tax amount. |
1. It covers the rules, policies and laws that oversee the tax process, which involves charges on______________, licenses and more by the government. 2. Taxation also includes duties on imports from foreign countries and all ________________by the government upon individuals for benefit of the state. 3. A ______________ is a profit that results from a disposition of a capital asset, such as stock, bond or real estate, where the amount realized on the disposition exceeds the purchase price. 4. Taxpayers not timely paying tax owed are generally subject to significant penalties, which may include jail for individuals or revocation of an________________. 5. ___________generally is computed as the product of a tax rate times taxable income. 6. Generally, the higher rates of tax will be paid by those who __________from a decedent with whom they have no familial relationship. 7. Once the executor of the estate has divided up the assets and distributed them to the beneficiaries, the _____________comes into play. 8. The __________is calculated separately for each individual beneficiary, and the beneficiary must pay the tax. 9. Tax may be imposed by both a _______________thereof. 10. Depending on your relationship to the decedent, you may receive an ______________in the amount of inheritance tax you must pay.
Task 3. Match the terms and their definitions.
| (1) tax (2) tax evasion (3) double taxation (4) tax exemption (5) tax deduction (6) taxpayer (7) taxability (8) taxable | (a) taxation of the same property for the same purpose twice in one year. This is generally prohibited if it occurs through such circumstances as transfer of property which has been taxed once and then the tax is imposed on a new owner. (b) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. (c) a person or organization that pays taxes or is liable to taxation (d) a governmental assessment (charge) upon property value, transactions (transfers and sales), licenses granting a right and/or income. (e) liability to taxation (liability - the state of being legally obliged and responsible) (f) Subject to taxation (g) an expenditure which an income tax payer may subtract from gross (total) income to determine taxable income. (h) intentional and fraudulent attempt to escape payment of taxes in whole or in part. |
Task 4.Complete the sentences using the verbs in brackets.
1. A capital loss ______ if the proceeds from the sale of a capital asset are less than the purchase price (to arise).
2. Capital gains may _________ to "investment income" that arises in relation to real assets, such as property; financial assets, such as shares /stocks or bonds; and intangible assets (to refer).
3. A capital gain is a profit that results from a disposition of a capital asset, such as stock, bond or real estate, where the amount _______on the disposition exceeds the purchase price (to realize).
4. Advance payments of tax by taxpayers may __________ (to require).
5. Income tax generally _____________ as the product of a tax rate times taxable income (to compute).
6. Deductions typically include all income producing or business expenses _____________ an allowance for recovery of costs of business assets (to include).
Task 5. Translate the following sentences into English using the words and word combinations from the text above:
1. Налоги могут быть прямыми и косвенными. 2. Налог на наследство - это государственный налог, который необходимо заплатить при получении денег или имущество от скончавшегося человека. 3. Размер налога на наследство зависит от степени родства с умершим. 4. Например, супруги освобождаются от уплаты налога, когда они наследуют имущество другого супруга. 5. Самый большой налог платит тот, кто не имел родственных связей с умершим. 6. Подоходный налог - это налог, который взимается с физических или юридических лиц в зависимости от размера их дохода. 7. Иногда благотворительные организации освобождаются от уплаты налогов. 8. За несвоевременную уплату налогов предусмотрены различные наказания. 9. Государство часто предоставляет различные налоговые льготы. 10. Некоторые государства взимают налог на прибыль.
Debate: Now that you've read a lot of materials on the isue in question, would you initiate a debate on one or two of the following problems:
· The content of the terms TAX and TAXATION
· Compare the tax systems in Russia with those of the UK and the USA
· The role of taxation in a country's welfare
· Present your own project of ideal tax system
KEYS
Unit 3. Task 25.
Test
Full Name....... Date...... Score.....
Task 1. Translate from English into Russian
| 1. legal 2. intention 3. unconditional 4. offerer 5. apply to the courts 6. statement of the price 7. offeree 8. to withdraw 9. obligation 10. legal remedy | 1. юридический, законный 2. намерение 3. безусловный 4. лицо, выдвигающее предложение 5. обратиться в суд 6. объявление цены 7. лицо, которому делается предложение 8. брать назад, отказываться 9. обязательство 10. средство правовой защиты (компенсация) |
Task 2. Translate from Russian into English
| 1. контр-предложение 2. заключать контракт 3. соглашение 4. обвиняемый 5. предложение 6. стороны контракта 7. сделка 8. принимать 9. ответчик 10. отклонять | 1. сounter-offer 2. to conclude a contract 3. agreement 4. defendant 5. offer 6. parties to a contract 7. transaction 8. to accept 9. plaintiff 10. to reject |
Task 3. Complete the sentences below using the correct form of the verbs in brackets.
This letter should not be 1)(regarded) as a firm offer of a mortgage.
If you would like 2)(to make) a formal application to buy your council house, please 3)(complete) the enclosed application form
At this stage in the transactions there 4)(was) a local election and the new Labour council 5)(refused) to sell any more council houses
It 6) (is) very important 7) (to distinguish) between an offer and invitation to treat
Courts generally rule that if the parties 8) (act) as though there 9) (was) a formal, written and valid contract, then a contract 10) (exists).
Task 4. Match the words and word combinations with their correct definitions.
| (1) breach of contract (2) An offer (3) a counter-offer (4) an invitation to treat (5) liability | · A failure to fulfill a contractual obligation is called a breach of contract. · is an expression of willingness to contract on certain terms made with the intention that it shall be binding as soon as it is accepted by the person to whom it is addressed · Any deviation from the terms of the offer is called · A pre-contractual statement such as b is called · legal responsibility |
Unit 4. Task 5.
| · The three main things that are important for English law of real property are · The distinction between “property rights” and personal rights is · The rule of property possession when a person or business has gone insolvent is that · Land in English property law is defined as · The four dimensions of land recognized in England and Wales are | 1) a) property rights, b) the separation of the "beneficial" ownership of property from legal title to property, c) "real" property meaning 'land, and the things that goes with it'. 2) that property rights are generally said to bind third parties, whereas personal rights are exercisable only against the person who owes an obligation. 3) if a person or a business has gone insolvent, and has things in their possession which are the property of others', then those people can usually take back their property free of anyone else's claims. But if an insolvent person's creditors are merely owed personal debts, they cannot take back their money freely: any losses have to be divided among all creditors. 4) any tenure, mines and minerals, whether or not held apart from the surface, buildings or parts of buildings (whether the division is horizontal, vertical or made in any other way) and other hereditaments; also a manor, advowson, and a rent and other incorporeal hereditaments, and an easement, right, privilege or benefit in, over, or derived from land. 5) The two dimensional area of land surface, bounded by a fence, is complemented by rights over all buildings and "fixtures". The third dimension mines and sub-surface things up to a general limit of 500 feet, the atmosphere above his land as well. The fourth dimension is time. |
Unit 4. Task 6. 1 – (d), 2 – (e), 3 – (b), 4 - (a), 5 - (c).
Unit 4. Task 11.
1) United Kingdom intellectual property lawis a part of English property law which concerns the rights of intangible but valuable information or rights. It covers in particular,
· United Kingdom trade mark law
· Copyright law of the United Kingdom
· United Kingdom patent law
2) Intellectual propertyis a term referring to a number of distinct types of lawful monopolies over creations of the mind, both imaginative and commercial, & the equivalent fields of law.
3) Intellectual property rights are temporary state-enforced monopolies regarding use and expression of ideas and information.
4) Non-rival goods are goods which can be used or enjoyed by many people simultaneously — the use by a person does not exclude use by another.
5) Rival goods, such as clothing, are those, which may only be used by one person at a time.
Unit 4. Task 13.
1) The UK Intellectual Property lawis a part of English property law.
2) The UK Intellectual Property law concerns the rights of intangible but valuable information or rights.
3) Common types of intellectual property contain trademarks, patents, copyrights industrial design rights and trade secrets in some jurisdictions».
4) In some of the cases, the economic growth that comes with a stronger IP system is due to increase in stock capital from direct foreign investment.
5) The optimum period of time during which the provisional monopoly rights should exist is unclear.
[7] unlawful entry - незаконное проникновение
[8] with intent to commit a crime - с намерением совершить преступление
[9] an act or omission - действие или бездействие
[10] a breachof contract - нарушение контракта
a breach of trust - нарушение доверенным лицом своих обязательств
[11] to set fire to property - поджечь собственность
[12] The term was first applied in Norman England to the king's officers charged with local administrative authority, such as sheriffs, mayors, hundreders—the chief officer of a territorial hundred—and the first civil officers of the Channel Islands. The term eventually narrowed to refer to an officer of a hundred court, appointed by a sheriff, and who assisted judges at assizes, served process, executed writs, assembled juries, and collected fines in court. The district within which the bailiff exercises his jurisdiction is still called his bailiwick. The term bailiff is retained as a title by the chief magistrates of various towns and the keepers of royal castles, such as the High Bailiff of Westminster and the Bailiff of Dover Castle.
Under the manorial system a bailiff of the manor represented the peasants to the lord, oversaw the lands and buildings of the manor, collected fines and rents, and managed the profits and expenses of the manor and farm. Bailiffs were outsiders and free men, that is, not from the village. Borough bailiffs would be in charge of the villagers in the town.
[13] the intentional infliction of pain and suffering - преднамеренное причинение боли и страданий
