세법상 시가로 인정되는 공매가격에 관한 연구

The Inheritance Tax and Gift Tax Act defines “market price” as “the value generally recognized as established in cases where transactions are freely conducted among an unspecified number of parties”. While it includes “public auction prices” in this definition of market price, even though they do not perfectly align with the general definition. However, the Act remains silent on what exactly a public auction price entails. As a result, cases continue to arise in which the main issue is whether the public auction price formed in specific factual circumstances can be recognized as the market price, but academic research on this matter remains insufficient. The characteristics of public auctions as defined by laws such as the National Tax Collection Act, the Civil Execution Act, and the State Property Act, as well as the requirements for public auction prices revealed in court rulings and tribunal decisions, can be used to conceptualize public auction prices. Public auction prices recognized as market price under the Inheritance Tax and Gift Tax Act must possess fairness that equitably reflects the interests of the parties involved. The fairness of public auction prices is determined by the following criteria: the subject requirement that “the public auction is conducted by a government agency or public institution”; the procedural requirements that “the public auction is conducted in accordance with the law” and “the initial public auction price reflects the objective exchange value”; the time interval between public auction dates; and the sequential reduction of the public auction price over time. the requirement that “the purchase by interested parties be restricted” and “the transaction counterpart be unspecified”, and the requirement that “the public auction pursue a balanced interest of the parties involved” and “not be intended to form an unfair market price.” A taxpayer transferred unlisted shares to related parties through an Onbid public auction and reported the price as the market price for tax purposes, which the Tax Tribunal also recognized as the market value. But in Onbid auctions, when the auction of entrusted property is conducted on behalf of a financial institution, the auction is conducted by the financial institution, which can determine the auction method and minimum bid price as desired, making it difficult to appropriately reflect the objective exchange value. To prevent the use of public auction prices for forming unjustified market prices, legislative measures are proposed, including introducing provisions that define public auction prices recognized as market prices under the Inheritance Tax and gift tax law, setting a minimum threshold for public auction prices, and excluding public auction prices of unlisted stocks from the recognized market price.