资本利得（capital gains)

产生什么影响？如果此项税收只针对利息收入，而不适用于资本利得，即不对资本利得征税，这时的情况又会怎样？

Imagine that everyone in the world pays a tax of τ percent on interest earnings and on any capital gains due to exchange rate changes．How would such a tax alter the analysis of the interest parity condition？ How does the answer change if the tax applies to interest earnings but not to capital gains，which are untaxed？

A.Thisvotingstockrepresents34%oftotalconsideration该有表决权普通股占总对价34%

B.Thisvotingstockrepresents51%oftotalconsideration该有表决权普通股占总对价51%

C.Thisvotingstockrepresents67%oftotalconsideration该有表决权普通股占总对价67%

D.Thisvotingstockrepresents74%oftotalconsideration该有表决权普通股占总对价74%

资本利得(capital gain)

入吗？如果市场相信不久的将来会出现另一次贬值，情况会怎么样昵？

When a central bank devalues after a balance of payments crisis，it usually gains foreign reserves．Can this capital inflow be explained using our model？ What would happen if the market believed another devaluation was to occur in the near future？

ellers a combination of $30 million stock and $70 million cash.IBM will purchase the common stock, which has a small tax basis.Several family members object to the structure because they think they will need to pay capital gains on their new IBM stock.State whether True or False.IBM已提出以1亿美元收购一家拥有30年历史的家族企业。 IBM向卖家提供3000万美元的股票和7000万美元现金的组合。 IBM将购买普通股，该股票具有较小的税基。 一些家族成员反对这种结构，因为他们认为他们需要为新的IBM股票支付资本收益税。 ()

此题为判断题(对，错)。

此题为判断题(对，错)。

查看材料

A.encourages people to save money

B.encourages people to spend money

C.stimulates the economy

D.changes the economic structure

阅读材料，回答题。

Government Policies and Economy

While he was off on his l978 tour，Americans were becoming disgusted with their lot as all“emerging second—class nation”，Wilson says．They began to see that incentives had to be restored to the economy．For instance，the capital gains tax was cut，an extraordinary turn—about．If it had been predicted before he went away in May，he would have said it was simply inconceivable as inconceivable as the prospect of Resorts going up1，000 percent．

This momentous transformation in the U．S．should soon bring about a huge bull market． In the l940s and l950s，the last time price earning multiples were at these low levels，the investing public expected that there would be another great postwar depression．Instead，aRer the beginning of l953 it became apparent that there would not be one，and price-earnings multiples got so low this time that investors felt that the country was drifting into socialism．That drift，however，may be reversing direction．

Wilson believes that the bankruptcy of New York City means the discrediting of big government，that as a result there will be less government，and that things in general will go much better．From l980’s depressed levels the market could rise to twenty times doubled earnings or almost fivefold in five to seven years．Wilson believes that he’ll be worth hundreds of millions of dollars before it’s over．

From paragraph l，we can infer that Resorts is__________． 查看材料

A.a company that involves many capital gains

B.a company that has little hope of rapid growth

C.a company that benefited from capital gains tax

D.a company that stimulates the economy

￡1,800 were paid in respect of the purchase.

Simon then renovated the house at a cost of ￡50,600, with the renovation being completed on 10 August 2008. He immediately put the house up for sale, and it was sold on 31 August 2008 for ￡260,000. Legal fees of ￡2,600 were paid in respect of the sale.

Simon fi nanced the transaction by a bank loan of ￡150,000 that was taken out on 1 May 2008 at an annual interest rate of 6%. The bank loan was repaid on 31 August 2008.

Simon had no other income or capital gains for the tax year 2008–09 except as indicated above.

Simon has been advised that whether or not he is treated as carrying on a trade will be determined according to the six following ‘badges of trade’:

(1) Subject matter of the transaction.

(2) Length of ownership.

(3) Frequency of similar transactions.

(4) Work done on the property.

(5) Circumstances responsible for the realisation.

(6) Motive.

Required:

(a) Briefl y explain the meaning of each of the six ‘badges of trade’ listed in the question.

Note: You are not expected to quote from decided cases. (3 marks)

(b) Calculate Simon House’s income tax liability and his Class 2 and Class 4 national insurance contributions for the tax year 2008–09, if he is treated as carrying on a trade in respect of the disposal of the freehold house.(8 marks)

(c) Calculate Simon House’s capital gains tax liability for the tax year 2008–09, if he is not treated as carrying on a trade in respect of the disposal of the freehold house. (4 marks)

资本流入(capital inflow)