세법 상 법적 실체인 신탁의 도입에 관한 검토

This paper is to review whether or not a securitization trust be treated as a pass-through entity, irrespective of the activities the trust undertakes and the ownership classes the trust issues. And this paper consults the relevant legislation of Korea, U.S.A. and Japan. The conclusions are as follows. In general, the securitization trust is to be classified as a business entity, if it meets the following requirements: (1) the trust is engaged in business activities other than investment activities(business activities test), (2) it is an investment trust and either is empowered by the trust instrument to manage trust assets to enhance the return of certificates holders(power-to-vary test), or, with certain exceptions, has multiple ownership classes(multiple ownership classes test), (3) it does not belong to an agency arrangement(agency arrangement test). If not, it is to be classified as a pass-through entity.