비상장 종류주식의 세법상 평가에 관한 입법 방안

The objective of this article is to provide legislative suggestions for the supplementary valuation method of the Inheritance Tax and Gift Tax Act (“the Inheritance/Gift Tax Act”) by analyzing cases regarding different classes of shares, such as preferred stocks and redeemable or convertible shares. There is no clause dealing with different classes of shares under the current supplementary valution method, which leads to several problems in evaluating them for tax purposes. First, the same valuation method applies to not only common shares but also different classes of stocks. Second, the dissimilarity between various types of different classes of shares cannot be reflected in the valuation results. Third, the current valuation methodology of net profit value as well as net asset value is not appropriate for assessing the objective value of preferred shares and redeemable or convertible stocks. The author suggests a few legislative proposals be introduced in order to solve the above-mentioned problems under the framework of the current valuation system. First, the estimated profit method should be allowed to apply in evaluating (redeemable) preferred shares. Second, the convertible preferred stocks in their conversion periods should be assessed based on the valuation method for common shares. Third, where the two evaluation methods proposed above may apply at the same time, the greater or lesser value of both ones calculated from the two methods should be applied for tax purposes. Fourth, in case of redeemable shares, the redemption duties of the issuing company should be classified as debts in calculating the company’s net asset value. Fifth, it is necessary to discuss how to apply the discounted cash flow method or the dividend discount method to various types of different classes of stocks.