Английский язык для экономических специальностей (English for economists) (стр. 11 из 12)
For most of small businesses, the S-corporation has long been the preferred corporate structure. The operational accounting is simpler, and accounting, legal, and administrative expenses are minimized. Shareholders receive the immediate benefits of earnings without "double taxation". There are sound reasons to state that this is generally the most popular corporate structure.
However, for small businesses that are growing rapidly, the conventional C-corporation status may turn out to be more preferable. The primary motivation for such a change would be the ability to retain and reinvest earnings in the expanding business.
The maximum Federal income tax rate for C-corporation is 34 percent for taxable income up to $10.0 million, whereas the maximum tax rate on S-corporation income is now the maximum individual rate of 39.6 percent. If the business is striving to retain and reinvest all possible cash during a period of strong growth, it will obviously forgo distributing cash dividends thereby avoiding the problem of "double taxation."
II. Exercises on the Text:
3. GiveEnglishequivalentsto:
корпоративные свойства; личное имущество; корпоративная ответственность, задолженность по федеральным налоговым платежам; финансовый год; общие поступления (или убытки); «двойное налогообложение»; «отмываются»; заносятся прямо в индивидуальную налоговую декларацию; операционный учет; бухгалтерские расходы; управленческие расходы; немедленная прибыль от доходов; серьезные причины; способность сохранить и инвестировать; доход, подлежащий налогообложению; оно очевидно откажется от распределения дивидендов наличными; учитывая влияние амортизационных отчислений.
4. Combine the words into sentences:
1. like, its, a partnership, is, Federal, it, liability, for purposes, income, of determining, tax, treated.
2. no, among, of the S-corporation, is, the advantages, «double taxation», for small business.
3. «washed through», all income, at the end, losses, of each fiscal year, credits, and deductions, are, the S-corporation.
4. the most popular, sound, are, to state, corporate structure, there, reasons, this, that, generally, is.
5. 34 percent, up to $10 million, income tax rate, is, the maximum, for taxable income, Federal, for C-corporation.
5. Sum up what the text says about:
the advantages of the S-corporation;
the charge to conventional C-corporation.
6. US government defines a small business as one that has fewer than 500 employees. Why do you think that most small business are in the service and retail fields?
A. Transportation/Communication - taxi service, trucking, warehousing, radio station.
B. Finance - insurance, real estate, banking.
C. Wholesale - distributor, grain elevator.
D. Other - mining, landscaping, fishing, unclassified.
E. Service - motel, barber shop, advertising agency.
F. Manufacturing - machine shop, printing, brewing.
G. Retail - gas station, shoe store, restaurant, florist.
H. Construction - general constructor, plumbing and heating, electrical.
III. Grammar Exercises
Forms and Functions of Participle I.
| Active Voice | Passive Voice | |
| PresentParticiple | using1. определение:применяющий(иногда: -вший)2. обстоятельство:применяя | beingused 1. определение:применяющийся,применяемый, который применяется2. обстоятельство:будучи применен, когда применяется |
| Perfect Participle | havingusedобстоятельство:применив(-яв, -вшись) | havingbeenusedобстоятельство:после того как применили, так как применили, когда применили. |
7. Define the form of Participle I:
enjoying, being emptied out, having asked, having developed, working, having been invited, being built, living, being assisted.
8. Translate the following sentences into Russian paying attention to the forms and functions of Participle I:
1. Having done that, they let investors determine the risks for themselves.
2. The governments of 50 states have structures closely paralleling those of the federal governments.
3. Prices paid by consumers also include Value-Added Taxes, reflecting the costs of providing goods and services for sale.
4. VATs are the principal means of indirect taxation in many countries, including the member states of the European Union.
5. In most extreme form, chromic price increases become hyperinflation, causing the entire economic system to break down.
6. Being shown this document, he said it belonged to the well-known S-corporation.
7. Having been written the balance sheet was given to the chief executive officer.
8. Having been completed so carefully the material didn't need any corrections.
9. The trademark, a two- or three-dimensional insignia symbolizing a company or industry, dates from about the 16th century.
10. The agency spends most of its time planning, creating, and producing the advertising for its clients.
11.
The Absolute Participle Construction
| Noun (общ.п.) +ParticiplePronoun (им.п.) | +подл.+сказ.+доп, , | Noun (общ.п.) +ParticiplePronoun (им.п.) | |||||||||||
| переводится обстоятельственным придаточным предложением с союзами - так как, поскольку, если, когда. | переводится самостоятельным предложением с союзами - а, и, причем, при этом или без союза | ||||||||||||
| 1. It being very late, we went to the hotel.2. This done, we had a good rest. | 1. We had two lectures yesterday, the last being on economics2. He sat alone, his eyes closed. | ||||||||||||
9. Translate into Russian:
1. With factories operating at less than capacity and unemployment at very high levels, total output of goods and services enters a long-term decline. 2. The contract having been signed, the delegation went away. 3. Time permitting, the manager writes this letter. 4. The article deals with the income tax, particular attention being paid to Federal income tax liability. 5. The terms of delivery having been discussed, he signed the contract.
10. Read paying attention to the different meaning of the following terms.
| administration around (ten) blue-chip investments call loan checking account claim letter collect on delivery common stock corporation law to fix a meeting government bonds in good shape investment bank law business local taxes | government in power about (ten) first-class investments short-term loan current account letter of complaint cash on delivery ordinary share company law to arrange a meeting government securities in good condition merchant bank practice (law) rates | |
| to operate a business | to run a business | |
| operating costs | running expenses | |
| preferred stock | preference share | |
| president | chairman | |
| right away | immediately | |
| shipment | consignment | |
| stockholder | shareholder | |
| tag | label | |
| tender | offer | |
| way back | some time ago | |
11. Translate English jokes:
Brother: Are you really going to marry that young man Jones? He is said to be kind and very clever. But isn't he a bit strange? At any rate he is unlike other young men.
Sister: I am going to marry Jones, and I don't find anything strange about him. And then if he is indeed unlike other young men, he is likely to make a very good husband.
12. Read the text and retell it in Russian:
Canada
Canada, a federated country in North America, made up of ten provinces and two (soon to be three) territories. Canada is a vast nation with a wide variety of geological formations, climates, and ecological systems. It has rain forest, prairie grassland, deciduous forest, tundra, and wetlands. Canada has more lakes and inland waters than any other country. It is renowned for its scenery, which attracts millions of tourists each year. On a per-capita basis, its resource endowments are the second richest in the world after Australia.
Canada is the second largest country in the world but has about the same population as the state of California, which is one-25th its size. This is because the north of Canada, with its harsh Arctic and sub-Arctic climates, is sparsely inhabited. Most Canadians live in the southern part of the country. More than three-quarters of them live in metropolitan areas, the largest of which are Toronto, Montreal, Vancouver, Ottawa-Hull, and Edmonton. French and English are the official languages, and at one time most Canadians were of French or English descent.
Canada has impressive reserves of timber, minerals, and fresh water, and many of its industries are based on these resources. Many of its rivers have been harnessed for hydroelectric power, and it is self-sufficient in fossil fuel. Transportation equipment is the leading manufacturing industry. While Canada’s prosperity is built on the resource and manufacturing industries, most Canadians work in service occupations, including transportation, trade, finance, personal services, and government.
Canada is a parliamentary democracy, and the federal, provincial, and territorial legislatures are all elected. However, Canada’s sovereign is a monarch, the queen of England, who is also the monarch of Great Britain. The queen is represented in Canada by the governor-general and ten lieutenant governors. Canada’s constitution guarantees equality under the law to all of its citizens. Powers of the federal and provincial governments are spelled out separately under the constitution, but over the past 50 years they have increasingly cooperated in programs that provide a wide range of social services-often called the «welfare state»-to the public.
Modern Canada was formed in an event that Canadians call Confederation, in 1867, when three colonies of Great Britain merged to create a partially independent state of four provinces. Since then, six more provinces and two territories have been added, with a third territory scheduled to come into existence in 1999. Canada achieved full independence in 1931 but continues to belong to the Commonwealth of Nations, a voluntary association of countries with ties to Great Britain
Grammar: 1. Условныепредложения (Conditional Sentences).
2. Бессоюзные условные предложения.
I. Language Practice
1. Practise the fluent reading and correct intonation:
- Mr. Smith, `are you `here, in `London, on va`cation or on `business?
- It's a `kind of `business trip.
- Please `tell me a `few `words about your `business.
- Well, I'm in `charge of the `advertising de`partment of the `British `branch of a big multi`national corpo`ration.
- `What does your `firm pro`duce?
- Oh, a `lot of e`quipment. We pro`duce `all `sorts of `radio e`quipment, TV sets, `video ca`ssette re`corders, com`puters and so on.
- In `what `countries does this corpo`ration main`tain its plants?
- We have `branches in France, `West `Germany, `Holland, `Italy and Spain.
- `Has your `company a big `staff?
- I'm not `sure I don't know the e`xact `number. A`round `six `thousand emplo`yees in `all the `branches, I think.
2. Listen to the speaker; read and memorize the following words and phrases:
1. to encourage [in`kri®] - поддерживать, поощрять
2. taxation - налогообложение
3. merits - достоинство
4. taxpayer - налогоплательщик
5. discretionary income - дискреционный доход (часть чистого дохода потребителя, предназначенная для расходов по собственному усмотрению после обязательных расходов на налоги и на удовлетворение жизненных потребностей)
6. tax incidence - распределение налогового бремени
7. tax-shifting - переложение налогов
Text. Taxes, Taxes, Taxes....
"But in this world nothing can be said to be certain, except death and taxes."-Benjamin Franklin, 1789.
Few economic topics excite controversy more easily than taxes. While most would agree that neither government nor modern society could survive without them, taxes are more likely to be criticized than praised. But as Benjamin Franklin noted long ago they are a ' certainty, and for that reason we ought to know something about them.
Why Do Governments Collect Taxes? Although the principal purpose of taxes is to pay for the cost of government, it is not the only function taxes serve.
Sometimes taxes are levied to protect selected industries.
Taxes have also been used to discourage activities the government believes to be harmful. For example, taxes on cigarettes and liquor, so called "sin taxes," have been levied both to raise money and to discourage people from smoking and drinking.
Taxes have been used to encourage certain activities. In the 1980's, for example, the government wanted to encourage business to modernize plants and increase productivity. It did so, in part, by offering to reduce the taxes of firms that purchased new machinery and equipment.
The federal government can use its ability to tax to regulate the level of economic activity. The size of the economy is directly related to consumer and business spending. By increasing or decreasing taxes, government can directly affect the amount of money available to be spent.
·Evaluating Taxes. Most people would agree that some taxation is necessary, but the question of which taxes, and in what amounts, can lead to considerable disagreement.
The benefits-received principle of taxation states that those who benefit from a government program are the ones who ought to pay for it.
The ability-to-pay principle states that taxes ought to be paid by those who can best afford them, regardless of the benefits they receive. In arguing in favor of the ability-to-pay principle, economists often cite Engel's Law. This principle states that as income increases, the proportion spent on luxuries increases, while that spent on necessities decreases. It follows that taxing higher-income groups may deny them certain luxuries, but taxing the poor reduces their ability to buy necessities.
Also, some benefits are indirect. If Mr. and Mrs. Jones have children in the public school, they can see the direct benefit of their school taxes. But Mr. and Mrs. Smith may feel they get no benefit from the school because they have no children.
We all benefit from having an educated workforce, however. Thanks to education, the nation's productivity is higher, and we can all share in the additional output that results from it. If the Smiths own a business, they benefit from having workers who have been trained to read, write and solve mathematical problems.