Pronunciation: [tˈe͡ɪks lˈiːv ɪt] (IPA) 
The correct spelling of the phrase "takes leave it" is actually "take it or leave it." The IPA phonetic transcription for this phrase would be /teɪk ɪt ɔr liv ɪt/, with the stress on the first syllable of "take" and "leave." This phrase means that the speaker is offering something without the option for negotiation or refusal. The incorrect spelling may be due to a mishearing or misinterpretation of the original phrase.
"Take leave of" is an idiomatic expression used in English, which can also be spelled as "take leave it." This phrase is predominantly used to describe the act of saying goodbye or bidding farewell to someone or something. It implies the act of parting from a person, a place, or a particular situation temporarily or permanently.
It is commonly employed in situations where one is leaving for an extended period, such as when going on a vacation, resigning from a job, or moving to a different location. "Take leave of" can also be utilized figuratively to indicate separating oneself from a particular state of mind, belief, or routine.
The phrase can be traced back to Middle English, where "leave" meant permission or authorization. When combined with "take," it implies actively obtaining permission or seeking approval from someone or something before departing.
For example, if an employee decides to leave their job, they might say, "I have decided to take leave of the company," indicating their intention to resign. Similarly, someone embarking on a trip could say, "Before I take leave of this destination, let's have one last gathering to bid farewell." This usage implies a conscious acknowledgment of the departure and a formal or ceremonial approach to the act of leaving.
Overall, "take leave of" refers to the process of purposefully separating oneself from a person, place, or situation, either temporarily or permanently, often with a sense of formality and finality.
