법인의 금융소득 인식시기 개선방안에 대한 연구

This study aims at considering the timing of recognition for financial income and finding ways for improvement. As financial markets become more volatile, liberalized and globalized, transactions in the markets increase and the size continues to expand. Such being the case, non-existent or unclear taxation may hamper the development of financial markets and cause friction with taxpayers or tax avoidance. It shows that this is high time to effectively specify and organize the taxation system on financial instruments. With its main focus on the recognition timing of financial income,this study provides a direction to recognize the timing of financial income of a legal person by researching and analyzing the studies by experts and related tax laws on theories and practical applications of cash basis, accrual basis, realization basis and settlement principle of rights and obligations,which determine the timing of recognition or taxation for income in business and tax accounting. The US tax system classifies business accounting into two categories：cash basis and accrual basis. These systems are differently applied and dealt with in tax law. Realization basis has been developed based on the precedents in the United States. For example, whether or not the realizationis made became the criteria to impose tax in the 1920 decision of the US Supreme Court in Eisner v. Macomber. The Supreme Court also ruled in the United States v. Anderson case (1926) that “all events have occurred which fix the amount of the tax and determine the liability of the taxpayer to pay it.” According to the Treasury Regulations, “under the accrual method, income is realized when all the events have occurred which fix the right to receive such income and the amount thereof can be determined with reasonable accuracy.”Meanwhile, it is noted that realization basis goes against business accounting and may trigger distortion of resource distribution or tax avoidance. When it comes to the realization timing of financial income of a legal person, accrual basis or mark-to-market system should be adopted rather than realization method. Accrual or mark-to-market method works better in simplifying the theory of income tax or tax system and preventing tax avoidance. When introduced, mark-to-market system will face problems related to liquidity or evaluation on the unrealized income, which do not greatly matter in theory. However, how to secure liquidity needs to be thoroughly considered in reality, meaning the system must be pursued in a reasonable way with enough time to make consultation and preparation. It is my hope that this study will provide policy guidelines and lay the foundation to improve taxation of financial incomes, including those from financial derivatives.