상속세 및 증여세법 시행령 규정에 대한 비판적 검토 - 비상장주식의 가치평가를 중심으로 -

Unlisted shares is difficult to evaluate its fair market value because of its lack of marketability. Because of that, the market value of unlisted shares is generally calculated by assessment method stipulated in the Enforcement Decree of the Inheritance Tax and Gift Tax Act, Article 54. And it is the only method accepted in the context of evaluating fair market value about unlisted shares, because Article 49, Paragraph 1, Subparagraph 2 of the Enforcement Decree of the Inheritance Tax and Gift Tax Act regulates that appraised value cannot be recognized as the value of unlisted stocks. Enforcement Decree of the Inheritance Tax and Gift Tax Act, Article 54 also applies to Corporate Tax Act and Income Tax Act and has a significant impact on various civil, family, company, and criminal cases. However, this provision has several theoretical and empirical problems about calculation period of net profit or loss, restrictions on the choice of estimated profit, consideration of corporate characteristics or industry, method of calculation normal profit rate when evaluating goodwill and the weighted average ratio. This article reviews various concept of value in tax laws and accounting and then evaluation method of tax laws and other related laws. Then, it examines US tax law regulations and cases, US company law regulations and Delaware court cases, Japanese tax law and the National Tax Service control regulations, Japanese company law and cases in lower court level. Finally, it argues that the current rigid method to evaluate unlisted shares should be reexamined and suggests several options. I hope that this article could improve the current method of unlisted shares and help to understand the concept of fair market value throught tax laws and other related laws.