The judgment below is reversed and the case is remanded to Seoul High Court.

The grounds of appeal are examined (to the extent of supplement in case of supplemental appellate briefs not timely filed).

1. As to the ground of appeal No. 1, the main sentence of Article 45-2(1) of the former Inheritance Tax and Gift Tax Act (amended by Act No. 8828, Dec. 31, 2007; hereinafter "the Inheritance Tax and Gift Tax Act") provides that "where the actual owner and the title holder are different from the property that requires a registration, etc. for the transfer or exercise of the right, the value of the property shall be deemed to have been donated to the actual owner on the date when the property is registered, etc. as the title holder notwithstanding Article 14 of the Framework Act on National Taxes." Meanwhile, Article 45-2(2) proviso provides that "the same shall not apply where the property is registered, etc. under another person's name without the purpose of evading taxes."

Here, the nominal owner who bears the burden of proving the absence of the purpose of tax avoidance has a clear objective of tax avoidance to the extent that there was no objective of tax avoidance in the title trust, which is not related to the tax avoidance, and the fact that there was no tax avoidance at the time of the title trust or in the future, or that it was only a minor reduction of tax incidental thereto, must prove to the extent that the ordinary person is not doubtful, based on objective and correct evidence.

(2) As to the title trust of the instant shares, even if considering the evidence submitted by the Plaintiff and the circumstances of its assertion, the lower court did not err by misapprehending the legal doctrine regarding the title trust of the instant shares, in light of the following: (a) in so doing, it is possible for B to waive the return of capital gains tax through the title trust of the instant shares; and (b) in so doing, it was possible for B to have omitted the return of capital gains tax through the title trust of the instant shares; and