The costs of appeal are assessed against the defendant.

1. Article 120(4)2 of the former Restriction of Special Taxation Act (amended by Act No. 1614, Jan. 1, 2013) (hereinafter “instant provision”) provides that “real estate acquired by December 31, 2012 as collective investment property of a real estate fund under the Financial Investment Services and Capital Markets Act by December 31, 2012,” tax amount equivalent to 30/100 of acquisition tax shall be reduced or exempted.

Meanwhile, Article 182(1) of the former Financial Investment Services and Capital Markets Act (amended by Act No. 11845, May 28, 2013; hereinafter “former Financial Investment Services and Capital Markets Act”) provides that, in cases where a truster, a collective investment business entity, establishes or establishes a collective investment scheme in the form of an investment trust that allows the trust business entity to invest and operate the property trusted to the trust business entity in accordance with the instructions of the collective investment business entity, the collective investment business

2. The lower court acknowledged the following facts by citing the reasoning of the judgment of the first instance court.

A Centre Asset Management Co., Ltd., a collective investment business entity under the former Financial Investment Services and Capital Markets Act (hereinafter referred to as “A Centre Asset Management Co., Ltd.”) (hereinafter referred to as “instant collective investment business entity”), made the Plaintiff invest and manage the property that Nonparty collective investment business entity paid to the Plaintiff in accordance with the instructions of the Nonparty collective investment business entity, and invested in real estate more than 10/50 of the property, and the beneficiary sold collective investment securities of the said collective investment scheme prior to entering into a contract to establish a privately placed real estate investment scheme in the form of investment trust under the former Financial Investment Services and Capital Markets Act (hereinafter referred to as “instant collective investment scheme”). On October 25, 2012, the beneficiary entered into the instant collective investment scheme contract (hereinafter referred to as “instant investment trust contract”) and paid the

B. The non-party collective investment business entity affixed the same seal on the same day.