명목원금계약 관련 불확정부 비정기적지급에 대한 과세문제에 대한 검토 ―미국에서의 논의를 중심으로―

A notional principal contract(the “NPC") is a financial instrument that provides for the payment of amounts by one party to another at specified intervals calculated by reference to a specified index upon a notional principal amount in exchange for specified consideration or a promise to pay similar amount. CDS(credit default swap) and TRS(total return swap) are the examples of NPC. Payments regarding NPC are composed of Periodic Payments, Non-periodic Payments and Termination Payments. Non-periodic payments can be divided into Non-contingent Nonperiodic Payments and Contingent Non- periodic Payments. This thesis treats the taxation on Contingent Non-periodic Payments. Currently, Department of Treasury is willing to introduce the Non-Contingent Swap Method. However, for the complexity and other weak aspects of the above method, some practitioners and relevant institutions suggest Full Allocation Method or other methods. In the future, it is necessary to review the strong and weak aspects of each method when taxation pertaining to Non-conitngent Non-periodic Payment is adopted.