Intellectual property may be exploited in a number of ways:
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(a)ÌýÌýÌýÌý The underlying invention, work, plant variety, trade mark or design may be used by the owner in the course of its own enterprise, to competitive or other advantage. Trading profits or professional receipts may be enhanced and taxed. For example, the owner of literary copyright may print and sell books, or an artist may sell a sculpture but retain artistic copyright1
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(b)ÌýÌýÌýÌý The intellectual property itself may be sold or gifted, in whole or in part; for example, the owner of copyright in a book may sell the right to make and exploit a film based on the book. In principle such a transaction is capital in nature, involving disposal of an intangible asset. In practice, case law and statute often lead to the result that receipts, whether in the form of
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