Прибыль от продажи капитала и методы её расчета

Profit from a sale of a capital asset

Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period. An asset may include tangible property, a car, a business, or intangible property such as shares. A capital gain is only possible when the selling price of the asset is greater than the original purchase price. In the event that the purchase price exceeds the sale price, a capital loss occurs. Capital gains are often subject to taxation, of which rates and exemptions may differ between countries. The history of capital gain originates at the birth of the modern economic system and its evolution has been described as complex and multidimensional by a variety of economic thinkers. The concept of capital gain may be considered comparable with other key economic concepts such as profit and rate of return; however, its distinguishing feature is that individuals, not just businesses, can accrue capital gains through everyday acquisition and disposal of assets.

The history of capital gain in human development includes conceptualizations from pre 1865 slave capital in the United States, to the development of property rights in France in 1789, and even other developments much earlier. The official beginning of a practical application of capital gain occurred with the development of the Babylonian's financial system circa 2000 B. C. This system introduced treasuries where citizens could deposit silver and gold for safekeeping, and also transact with other members of the economy. The resulting value will be the capital gain, or capital loss if negative. In reality, many governments provide supplementary methods of calculating capital gains for both individuals and businesses. These methods can provide taxation relief through lowering the calculated capital gain value.

The Australian Taxation Office (ATO) lists three methods of calculating capital gain for Australian citizens and businesses, each one designed to lower the final resulting value of the eligible party's gain. The first is the discount method, whereby eligible individuals or super funds may reduce their stated capital gain value by 50% or 33.33% respectively. The second is the indexation method, which allows individuals and firms to apply an index factor to increase the base cost of the asset, thereby decreasing the final capital gain value. The third is the ‘other’ method, and involves use of the general capital gain formula whereby the base costs of the asset are subtracted from its final sale price.

The Canada Revenue Agency (CRA) includes several unique guidelines for calculating individual or business capital gain. The CRA states that individuals may exclude from their capital gains calculation the following types of donations: “shares in the capital stock of a mutual fund corporation prescribed debt obligations that are not linked notes, ecologically sensitive land (or) a share, debt obligation, or right listed on a designated stock exchange”. Note that for the exclusion to be approved the donation must be to a qualified donee, and also that capital losses arising from such donations are not eligible to be excluded from an individual's reporting. If the individual is a church member, they also pay church tax. Taxes on the sale of real estate are completely different from that of stocks. If you hold the property for more than ten years, you can sell it tax free in Germany. Similarly, you can sell the property tax free if you lived in it yourself for at least two years. However, you pay taxes based on your personal tax rate if you don't meet any of the tax free criteria. HMRC also lists certain assets which are exempt from accruing capital gains, including any gains made from individual savings accounts or personal equity plans, “UK government gilts and Premium Bonds”, and any winnings from lottery, betting or pools. HMRC also states that when reporting a loss, “the amount is deducted from the gains you made in the same tax year”. Capital gains are also further defined as either short term or long term. Short term capital gains occur when you hold the base asset for less than one year, while long term capital gains occur when the asset is held for over one year. The OECD average dividend tax rate is 41.8%, whereby dividends are often taxed at both the corporate and individual level and categorized as corporate income first and personal income second. Practical applications of this definition primarily include stocks and real estate.

A capital gain may be earned through the sale of financial assets such as stocks. When one sells a stock, they would subtract the cost price from the sale price to calculate their capital gain or loss.

The disposition effect is a theory which links human psychology to capital gain in stocks and examines how humans make choices under the threat of a potential capital loss. It reveals a pattern of irrationality within human behaviour, in which stocks which have potential to accrue a capital gain are sold too early, while stocks which are clear losers are held on for too long, thus creating greater capital losses than necessary.

This asset pricing model details how the expectations of future capital gains in the stock market are a key driver of actual stock price movements. In general, “asset price boom and bust cycles are fueled by the belief updating dynamics of investors”, and thereby the optimism regarding future capital gains in a particular stock will often be the cause of the eventual increase in the stock's price. Provided that “tax exempt perfect substitute securities exist”, investors should never realize their capital gains on stocks because it is possible to reduce the risk from a large position in a stock by “costlessly short selling a perfect substitute”.

The interlink between psychology and capital gain is also frequently seen in stocks, a concept which is similarly explored by Dusansky & Koç. Since houses are not only consumption but often investment expenditures for families, expectations of capital gains through investing in the house as an asset rather than a consumption good has a strong influence on actual housing prices and demand. As stated by Dusansky & Koç, “an increase in housing prices increases the demand for owner occupied housing services. If an individual redeems a bond for more than, or less than, the price they paid for the bond, the ATO states that this profit is “not treated as a capital gain” and that the profit should simply be included in the individual's tax return. Similarly, if an individual sells a bond to another individual for more than, or less than, the price they paid for the bond, the ATO states that “this profit is not treated as a capital gain” and that the profit should simply be included in the individual's tax return. However, the United States Internal Revenue Service (IRS) does consider profits from the redemption or sale of a bond as a capital gain. Bond capital gains are calculated in the same method as other capital gains, whereby “the difference between the adjusted basis in the asset and the amount you realized from the sale is a capital gain or a capital loss”.