주식의 포괄적 교환과 부당행위계산 부인 - 대법원 2014. 11. 27. 선고 2012두25248 판결 -

According to the Supreme Court case 2012Du25248 decided on November 27, 2014, it stipulates that the behavior of complete parent company that buys complete subsidiary’s shares at the higher price than their market price is not regarded as profit and loss transaction but other capital transaction. Therefore, Supreme Court made a decision that if there is the amount which is included as taxable income where stocks are evaluated higher than their market price through the denial of unreasonable transaction and calculation, this amount shall be disposed of as other outflows, based on the Enforcement Decree of the Corporate Tax, Article 88, Section 1, Clause 8. It is based on the Supreme Court decision 2011Du23047 covering that 'donation of profits which acquired from the transaction of increasing the capital of a corporation' such as the all-inclusive share swap should be taxed, applying Inheritance Tax and Gift Tax, Article 42, Section 1, Clause 3. However, while Enforcement Decree of the Corporate Tax, Article 88, Section 1, Clause 8 states the corporate capital increase between shareholders of complete subsidiary and those of complete parent company where there is unfair share swap, it does not denote the corporate capital increase between shareholders of complete subsidiary and complete parent company. Hence, the target decision's resonable judgement may be flawed. According to applying Tax Law, Corporate Tax stipulates that income tax is imposed over shareholders' capital increase of complete subsidiary company as bonus which is due to the difference between consideration and market price for the profit from high price purchase of complete parent company. This is regulated by the denial of unreasonable transaction and calculation (the Enforcement Decree of the Corporate Tax, Article 88, Section 1, Clause 1). Furthermore, even if this case is one transaction, gift tax is also imposed over capital increase from shareholders of complete parent company (Inheritance Tax and Gift Tax, Article 42, Section 2). Therefore, if one transaction simultaneously falls on taxable articles of Income Tax and Inheritance Tax and Gift Tax, the issue of double taxation may be caused. In order to resolve this issue of double taxation, firstly, gift tax shall be imposed over shareholders' the profit of gift in high price disposal of assets to complete subsidiary company according to Inheritance Tax and Gift Tax, Article 42, Section 2. Considering the same transaction of complete parent company, it should be disposed of as other outflows, not dividends in terms of applying the denial of unreasonable transaction and calculation. It is expected that this is one kind of resonable adjustment of taxation and related regulations should be improved not to be imposed in double.