Seoul Administrative Court 2005Guhap3821 ( November 07, 2006)

National High Court Decision 2005Du1430

Whether the appraised value of the stocks appropriated as the capital increase profit of assets is appropriate.

Even if shares were donated to the bond ledger and agreed to compensate for the difference at the time of below the appropriate price, there is no additional preservation in accordance with the preservation agreement, the objective market price of the shares at the time of donation is regarded as profit from the increase of assets.

The contents of the decision shall be the same as attached.

Article 41 of the Corporate Tax Act Acquisition Value of Assets

1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

1. Purport of claim

The Defendant’s disposition of imposition of corporate tax of KRW 84,898,274,564 on December 10, 200 on the Plaintiff ○ Bank, which exceeds KRW 76,108,781,924 among the disposition of imposition of corporate tax of KRW 84,89,274,564 on December 10, 200, exceeding KRW 101,340,945,20 on the Plaintiff ○ Bank, which exceeds KRW 96,766,72,260 among the disposition of imposition of corporate tax of KRW 101,340,945,20 on the Plaintiff ○ Bank, and on May 19, 2006, exceeding KRW 25,594,616,630 of corporate tax of KRW 202 on the Plaintiff ○ Bank.

2. Purport of appeal

The judgment of the first instance is revoked. All of the plaintiffs' claims are dismissed.

The reasoning for this Court to implement this case is the same as that of the first instance judgment, and thus, it is acceptable in accordance with Article 8(2) of the Administrative Litigation Act and Article 420 of the Civil Procedure Act.

Therefore, the judgment of the first instance court is just, and the defendant's appeal is dismissed as it is without merit. It is so decided as per Disposition.

[Seoul Administrative Court 2005Guhap3821, Nov. 07, 2006]

1. The Defendant’s imposition disposition of KRW 84,898,274,564, and KRW 76,108,781,924 of corporate tax for the business year 2000 against the Plaintiff ○○ Bank on December 10, 2004; the Defendant’s imposition disposition of KRW 101,340,945, and KRW 96,766,72,260 of corporate tax for the business year 2000 against the Plaintiff ○○ Bank; the Defendant’s imposition disposition of KRW 25,586,512,60 of corporate tax for the business year 2002 against the Plaintiff ○○ Bank; the amount exceeding KRW 101,340,94,616,630 of corporate tax for the business year 200; and the Defendant’s imposition disposition of KRW 25,630 of corporate tax for the business year 200.

2. The costs of the lawsuit are assessed against the defendant.

The same shall apply to the order.

1. Details of the imposition;

The following facts do not conflict between the parties, or can be acknowledged in full view of the purport of the whole pleadings in the statements in Gap evidence 1-1, 2, 3-1, 2, 3-2, 3-1, 3-2, 3-3, Gap evidence 5-1 (Evidence 6-2, 3-2, 5-2, 2, 2, 22-2, 1-2, 2-1 through 9, 3, 4, 5-1 through 5-9, 5-2:

A. The Plaintiffs were corporations that run the banking business under the Banking Act, and were holding loans against the SSS Motor Company (hereinafter “SS Motor”).

B. However, on August 24, 1999, SSS automobiles agreed to donate 350,000 shares of SSS life stocks (hereinafter "the shares of this case") of SS life insurance company (hereinafter "SS life insurance company") to the creditor financial institutions of SS life insurance companies of SS life insurance company (hereinafter "SS life insurance company"), and on June 29, 200, to donate 47,70 shares of SS life insurance to ○ Bank (hereinafter "○○ Bank") and 22,503 shares of the same shares to the Plaintiff ○ Bank (hereinafter "○○ Bank") and the Plaintiff ○ Bank (hereinafter "the previous ○ Bank") to ○○ Bank (hereinafter "the shares of this case").

On the other hand, on June 13, 2000, prior to the donation of this case, the Plaintiff ○○ Bank transferred its claim for loans against SS Motor and all the rights incidental thereto to the ○○ Special Purpose Company.

C. The Plaintiffs reported to the Defendant the tax base and tax amount of corporate tax for the business year 2000 to increase the number of the instant shares. ① The Plaintiff ○○ Bank deemed the market price of 47,700 shares per share to be KRW 332,00,000, and added the aggregate amount of KRW 15,836,400 (47,700 x 332,000 x 3300 x 332,000 x 291,000 x 22,548,373,000 (222,503 x 291,000 x 290 x 200 - 70 - 270 - 270 - 206 - 20 - 270 - 20 - 70 - 270 - 200 - 270 - 200 - 206 - 207 - 300

D. However, the Defendant determined that the market price per share of the instant shares at the time of the instant donation was 700,000 won in the calculation of earnings from the increase of assets, and reserved the amount of the Plaintiff’s ○○ Bank’s corporate tax for the business year of 2000 as KRW 84,898,274,564 (tax notice and notice 8,789,49,492,640, less than 101,340,945,200 (tax notice and notice 4,574,22,940, less than the already paid tax amount) as corporate tax for the business year of 200,000 (tax notice and notice 4,574,22,942,940, less than the already paid tax amount) in the calculation of earnings, and the amount of the Plaintiff’s ○○ Bank’s corporate tax for the business year of 2002 was 36,364,069,79,970 (tax amount below 19).

※¹ 익금산입 내역

○ Bank: gold KRW 17,553,600,00 = [(70,000 - 332,000) x 47,700 note];

○ Bank: gold 9,203,727,00 won = [(70,000 - 291,000) x 22,503 note];

○ Bank: gold 52,350,200,000 = (70,000 x 74,786 note)

※² 원고 ○○은행의 경우 2000 및 2001 사업연도에 결손금이 발생하여 해당 사업연도 및 차기 사업연도에 이월되었는데, 피고가 2000 사업연도 SS생명 주식의 자산수증익을 익금산입한 결과 그 산입된 익금만큼 감소된 이월결손금이 모두 공제된 2002 사업연도 법인세가 증액・경정되었다.

E. Meanwhile, the Defendant: (a) reduced or corrected corporate tax for the business year 2002 by KRW 36,320,344,252 (which seems to be irrelevant to the gains from the acquisition of assets of the instant shares); (b) re-increased or re- corrected the amount of KRW 36,586,512,607 on May 19, 2006 (hereinafter “the disposition imposing corporate tax on the Plaintiff ○ Bank, ○○ Bank, and ○○ Bank as of December 10, 204”; and (c) imposed corporate tax on the Plaintiff ○ Bank as of May 19, 2006 for the business year 202, which was increased or corrected as of May 19, 2006.”

F. On March 3, 2005, the Plaintiffs were dissatisfied with the instant disposition (the Plaintiff ○○ Bank was imposed on December 10, 2004) and filed an appeal with each National Tax Tribunal on March 3, 2005, and the National Tax Tribunal dismissed each of the Plaintiffs’ claims on July 28, 2005.

2. Whether the instant disposition is lawful

A. The parties' assertion

(1) The defendant's assertion

ThisG, on August 24, 199, donated the stocks of this case to the SS Automobile creditor financial institutions including the plaintiffs, if the price for disposal of the stocks of this case falls short of 700,000 won per share, the agreement was made to preserve the shortage by adding it to SS Bioresources. As a result, around the business year of 2000, most of the SS Bioresources were traded at 70,000 won per share outside the market price of the stocks of this case. In addition, 4 SSS companies, such as SSS electricity, were traded at 70,000 won per share from July 19, 199 to August 31, 200. Both the plaintiffs and the creditor financial institutions except for the plaintiffs, have assessed the market price of the stocks donated from thisG to 70,000,000 won per share, and included the SS pre-stock per share in the asset increase by 71,000 won per share.

Therefore, since the market price per share of the shares issued by the plaintiffs shall be 700,000 won per share, the disposition of this case, which included the difference in the gains from the receipt of assets, is legitimate.

(2) The plaintiffs' assertion

It is true that this GG et al. agreed to preserve gold 2.45 billion won by donating SSS bio-stocks to creditor financial institutions in order to compensate for damages caused by SSS motor vehicle reorganization. However, the agreement is premised on additional donation, investment, etc. other than 3.5 million shares of this case that were first donated to creditor financial institutions, including the plaintiffs. Thus, the existence of the agreement alone does not lead to a price of 700,000 won per share of SSS bio-stock which the plaintiffs raised. Furthermore, it is difficult to view the remainder of the grounds for determining the market price of SSS bio-stock which the plaintiffs raised as the market price of the plaintiffs are all the prices normally formed in general transactions.

Therefore, the disposition of this case, which held that the market price per share of the shares issued by the plaintiffs is 700,000 won, is erroneous.

(b) Related statutes;

Corporate Tax Act

Article 15 (Scope of Gross Income)

(1) The gross income shall be the amount of earnings generated by transactions which increase the net assets of the concerned corporation, except for capital input or financing and what is provided in this Act.

Article 41 (Acquisition Value of Assets)

(1) The acquisition value of assets acquired by a domestic corporation through purchase, production, exchange, gift, etc. shall be the amount falling under any of the following subparagraphs:

3. For assets other than those under subparagraphs 1 and 2, the amount as prescribed by the Presidential Decree at the time of acquisition.

Article 52 (Dispudiation of Wrongful Acts)

(1) Where the head of the district tax office having jurisdiction over the place of tax payment or the Commissioner of the competent Regional Tax Office deems that the tax burden of a domestic corporation has been unjustly reduced through transactions with persons with a special relationship prescribed by Presidential Decree (hereinafter referred to as "specially related persons"), he/she may calculate the amount of income for each business year of the relevant corporation regardless of the activities or calculation of the amount of income of the relevant corporation (hereinafter

(2) In the application of the provisions of paragraph (1), the standard for determination shall be the prices (including rates, interest rates, rents, exchange rates and other equivalent rates; hereafter referred to as "market prices" in this Article) applied or to be applied in sound and generally accepted practices and normal transactions between persons without any special relationship.

Enforcement Decree of the Gu Corporate Tax

Except as otherwise provided for in the Act and this Decree, earnings under Article 15 (1) of the Act shall be those under any of the following subparagraphs (amended by Presidential Decree No. 17033 of Dec. 29, 2000):

5. The value of assets received without compensation;

Article 72 (Acquisition Value of Assets, etc.)

(1) The acquisition value of assets as provided in Article 41 (1) and (2) of the Act shall be the amount falling under each of the following subparagraphs:

5. Assets acquired by means other than those under subparagraphs 1 through 4: The market price as at the time of their acquisition.

Article 89 (Law of Market Price, etc.)

(1) In the application of the provisions of Article 52 (2) of the Act, where there is a price generally traded between many and unspecified persons other than a person with a special relationship or between third parties who are not a person with a special relationship in a similar situation to the relevant transaction, the price shall be determined (amended by Presidential Decree No. 17826, Dec. 30, 2002)

(c) Fact of recognition;

Each of the evidence mentioned above, Gap evidence 4-1, 2, Eul evidence 6-1, 7, 8, 9, Eul evidence 10-1, 2, 11, 12, 13, Gap evidence 16 through 20, Gap evidence 23, Eul evidence 24-1, 25-26, Eul evidence 6-1, 2-2, Eul evidence 8-1, 9-1, 5, Eul evidence 10-1 through 4, Eul evidence 11, 12, 13, 14-1, 24, Eul evidence 25-1 through 4, Eul evidence 26, Eul evidence 6-1, 7, Eul evidence 8-1, 5, Eul evidence 10-1, 11, Eul evidence 12, 13-14, Eul evidence 2, 14-2, Eul evidence 2, Eul's whole guarantee insurance (hereinafter referred to as "○○○'s guarantee insurance Co.").

(1) On August 24, 1999, 16 creditor financial institutions, including the plaintiffs, who are creditors of SS Motor Vehicle, agreed on August 24, 199 with ○○ Group affiliate companies (hereinafter referred to as “SS affiliate companies”) and “Agreement” (hereinafter referred to as “instant agreement”).

The Agreement of this case

1. Donation of stocks)

In order to compensate for the losses of creditor financial institutions anticipated in connection with the disposal of SSS automobiles at the intentional level, this GG donates 3,500,000 shares out of 4 million shares of SSS life to be contributed at the time of applying for the reorganization of the company to the creditor financial institutions, and shall not exercise any right to SSS vehicles without any occurrence.

2. Compensation for losses)

A. The SS affiliates shall dispose of the shares of this case donated to creditor financial institutions until December 31, 200, and pay the proceeds of the disposal to creditor financial institutions. If the proceeds of the disposal fall short of 2:450 billion won, thisG shall additionally donate to creditor financial institutions the shares of SS life owned by thisG to 500,000 won.

(b) In the event that there is a shortage of SSS bio-resources additionally contributed by thisG, the SS affiliated companies shall substitute for compensating for losses by means of capital contribution (nonvoting or delegation of voting rights) to creditor financial institutions or by means of purchase of subordinated bonds issued by creditor financial institutions, in consultation with creditor financial institutions

C. In the event that thisG and SS affiliates fail to comply with this paragraph until December 31, 200, the SS affiliates jointly and severally pay to the creditor financial institutions the amount equivalent to the interest in arrears in accordance with the interest rate on delay in the bank account of ○ Bank until the date of performance for the shortage of 2.450 billion won in total: Provided, That if the implementation of this paragraph is delayed due to the procedures of creditor financial institutions after this GG and SS affiliates implemented the above paragraph (a), the SS affiliates are exempted from paying the amount equivalent to the interest in arrears in accordance with the interest rate on delay for the delayed period.

(2) The details of distribution of 3.5 million shares of this case donated to creditor financial institutions under the agreement of this case are as follows.

Name of Institution

Amount of standard bonds

(unit: 1 million won)

Number of shares allocated

○ Bank

42,394

47,700

○ Bank

20,000

2,503

○ Bank

66,467

74,786

○ Bank

480,057

540,142

○○ Surety Insurance

1,672,450

1,881,778

○ Bank

35,820

377,852

○ Investment Trust

200,000

25,032

○ Bank

104,552

17,638

○ Bank

52,530

59,105

○ Bank

51,892

58,387

○ ○ Credit

37,455

42,143

○ Bank

20,021

2,527

○ ○ Comprehensive Finance

10,877

12,238

○ ○ Comprehensive Finance

6,477

7,288

○○ Lease

6,364

7,161

○ Bank

3,306

3,720

Consolidateds

3,110,662

3,500,000

(3) Over-the-counter transactions of SSS bio-stocks

㈎ ○○그룹은 SS자동차의 정리에 따른 협력업체 및 퇴직임직원의 손실을 보전하기 위하여 SS계열사 4개 법인이 SS생명 주식 약 70만주를 1주당 70만원에 매수하기로 결정하고, 1999. 7. 19.부터 2000. 7. 28.까지의 사이에 SS자동차의 협력업체 및 퇴직임직원 등에게 1주당 금 70만원의 처분대금보장 조건으로 SS생명 주식을 증여한 다음, SS계열사 4개 법인은 이를 취득한 협력업체와 퇴직임직원들로부터 SS생명 주식 약 46만주를 1주당 금 70만원에 매수하였다.

㈏ ○○주식회사는 2000. 5. 22. 주식회사○○에게 SS생명 주식 25만주를 1주당 금 28만원 합계 금 700억원에 매도하였다.

㈐ 이GG로부터 SS생명 주식을 증여받은 총 16개 채권금융기관 중 ○○보증보험 등 6개사 채권금융기관들은 수증한 이 사건 주식을 1주당 금 70만원으로 평가하여 자사수증익으로 계상하였으나, 나머지 원고들을 포함한 10개사 채권금융기관들은 이 사건 주식의 1주당 시가를 금 70만원 이하인 0원부터 56만원으로 계상하였다.

㈑ ○○주식회사(2002. 10. 18. ○○주식회사로 상호가 변경되었다)는 2002. 6. 외국으로부터 자금을 차입하면서 SS생명 주식을 1주당 금 325,000원으로 평가하여 담보로 제공하였다.

㈒ SS생명 주식은 2000. 4.경부터 2004. 7.경까지 사이에 상장 또는 등록되지 않은 법인 주식을 거래하는 인터넷 시장에서 1주당 금 150,000원(2001. 10. 5.)에서 금 403,150원(2003. 7. 16.)사이의 가격으로 거래되었으며, 이 사건 증여일인 2000. 6. 29.의 가격은 금 370,000원이었다.

(4) The asset-backed securitization process of the instant shares

㈎ SS생명은 1999. 9.경 채권금융기관 중 ○○보증보험, ○○주식회사, 이GG와 사이에 이 사건 합의에 따라 ○○보증보험에 증여한 SS생명 주식의 자산유동화와 관련하여, ① 자산유동화의 목적은 SS자동차가 발행한 회사채의 지급 또는 상환을 위한 것이고, ② 자산유동화에 따른 선순위 유동화증권은 SS생명 및 SS생명이 지정하는 자가 전액 인수하며, ③ 유동화를 위하여 ○○보증보험이 증여받은 주식을 유동화전문회사에 매각하는 경우 매각가격은 1주당 금 70만원으로 하고, ④ 유동화 대상 증여주식의 매각대금으로 교부받은 현금은 오로지 회사채의 원리금 상환에 사용하기로 약정하였다.

㈏ 위 약정에 따라 SS계열사들은 2000. 8. 21. 자산유동화 전문회사인 ○○유동화전문 유한회사를 설립하였고 ○○보증보험은 같은 달 31. 경 위 유한회사에게 이GG로부터 수증한 SS생명 주식 중 87,741주를 1주당 금 70만원 합계 금 61,418,700,000원에 매도하였다.

After that, the ○○ Guarantee Insurance received payment from the above limited company for the purchase price of the SS life stocks, and repaid it as principal and interest of the company bonds of the SS motor vehicle, and the SS life has acquired senior bonds issued by the above limited company.

(5) The ○○ Financial Research Institute estimated the net asset value per SS life at KRW 38,49 on the policy research report published in around 1999.

(6) On June 200, 200, ○ Securities Co., Ltd. predicted that the share price after the listing of SSB would exceed KRW 250,000 per share from KRW 250,000 to KRW 300,000 per share. On September 30, 200, ○○ Accounting Corporation assessed SSB shares as KRW 291,00 per share in the on-site report for calculating ○○ Bonds Co., Ltd. (former ○○ Bonds Co., Ltd.).

D. Determination

(1) According to Article 15(1) of the Corporate Tax Act and Article 11(5) of the former Enforcement Decree of the Corporate Tax Act (amended by Presidential Decree No. 17033, Dec. 29, 2000), the value of assets gratuitously received is included in the gross income that increases the net assets of the corporation. The value of assets included in the gross income means the market value at the time of acquisition pursuant to Article 72(1)5 of the former Enforcement Decree of the Corporate Tax Act (amended by Presidential Decree No. 17457, Dec. 31, 2001).

In this context, "market price" means the price applied or determined to be applied to a normal transaction between unrelated parties under Article 52 (2) of the Corporate Tax Act and Article 89 (1) of the former Enforcement Decree of the Corporate Tax Act (amended by Presidential Decree No. 17826 of Dec. 30, 2002) (amended by Presidential Decree No. 17826 of Dec. 30, 2002), namely, the price continuously traded with many and unspecified persons or a third party

(2) Therefore, the Defendant’s ground for determining that the market value per share of the instant shares is KRW 700,000 per item shall be considered as per item

㈎ 먼저, 이 사건 합의 부분을 보건대, ① 이 사건 합의는 1차로 증여한 이 사건 주식의 처분 대금이 당초 보전하기로 약정한 금 2조 4,500억원에 미치지 못하는 경우 이GG가 추가로 SS생명 주식 50만주를 채권금융기관들에 증여하고, 그 마저도 약정한 금액에 미치지 못하면 SS계열사들이 채권금융기관들에 자본출자를 하거나 채권금융기관들이 발행하는 후순위 채권을 매입하며, SS계열사들이 2000. 12. 31. 까지 SS생명 주식의 처분대금으로 채권금융기관들의 손실 금 2조 4,500억원을 보전해 주지 못하는 경우 SS계열사들은 이GG와 연대하여 그 차액에 대한 지연이자를 지급한다는 것으로서, 그 자체로서도 이 사건 증여 당시 이 사건 주식의 1주당 가치가 금 70만원에 미치지 못할 가능성을 전제로 추가 증여 및 출자를 예정하고 있는 점, ② 만약이 사건 합의에 따라 이 사건 주식의 1주당 가치가 70만원이라면 이 사건 주식의 증여 자체로서 이GG의 이 사건 합의에 따른 약정이 모두 이행되었다는 모순이 발생하고, 나아가 추가로 증여하기로 약정한 SS생명 주식 50만주는 아무런 가치를 가지지 못하는 결과로 되어, 채권금융기관들이 추가로 SS생명 주식 50만주를 수증할 필요가 없게 되는 불합리가 있는 점, ③ 이 사건 합의에 따라 SS생명계열사의 자본출자 및 후순위채권 매입 등 추가 보전이 이루어지더라도 채권금융기관들은 그 대가로 지분권(주식)이나 채권증서를 발행ㆍ교부하게 되므로 자산수증익이 될 수 없는 점(따라서 자본출자 및 후순위채권 매입이 이루어진다면 이 사건 합의에 따른 채권금융기관들의 자산수증익 총 합계가 2조 4,500억원에 이르지 않게 된다), ④ 이 사건 합의에 따라 이GG와 SS계열사에 SS생명 주식의 일정 금액 미달을 이유로 보전을 청구할 수 있는 당사자는 이 사건 합의의 당사자인 채권금융기관들이고, 나머지 SS생명 주식을 보유하는 제3자나 채권금융기관들로부터 SS생명 주식을 양수한 자는 이 사건 합의에 따른 보전청구권을 행사할 수 없는 점 등 변론에 나타난 제반사정을 종합하면, 이 사건 합의의 종국적 취지는 이GG 및 SS계열사 등이 이 사건 주식 등을 매개로 채권금융기관들에 대하여 SS자동차의 정리로 인하여 발생한 피해 금 2조 4,500억원을 보전해 주겠다는 것이지, 원고들에게 이 사건 주식의 1주당 가액을 금 70만원으로 보장한다는 것은 아니라고 할 것이므로, 이 사건 합의만으로 이 사건 주식의 1주당 시가가 금 70만원에 이른다고 볼 수 없다.

On the other hand, the defendant alleged that the revenue of KRW 20,450,000, including the shares of this case, was attributed to creditor financial institutions, including the plaintiffs, according to the agreement of this case. However, as seen above, the agreement of this case is premised on the possibility that the market price of the shares of this case can not be supported by preserving the amount of KRW 22,450,00,000,000, and the essence of the revenue from the receipt of assets is the taxable cause, so the mere fact of the agreement of this case cannot be deemed to have been established merely because the agreement of this case was concluded. Civil litigation is continued with respect to the additional preservation of the agreement of this case with creditor financial institutions (Seoul Central District Court 2005Da11828, Seoul Central District Court 205). The defendant's assertion that the claim of this case is inconsistent with the agreement of this case, even if claims and debts were generated, and thus, it becomes final and conclusive by the judgment of this case (see Supreme Court Decision 2009Nu2069, Apr. 29, 19999).

㈏ 다음으로, SS계열사 4개 법인이 SS자동차 협력업체 및 퇴직임직원으로부터 SS생명 주식을 매수한 부분을 보건대, 앞서 본 바와 같이 이 사건 주식의 시가는 불특정 다수인과 계속적으로 거래한 가격 또는 제3자 간에 일반적으로 거래된 가격을 의미하는데, ① SS계열사 4개 법인의 SS생명 주식 매수는 SS자동차의 정리에 따라 협력업체 등에 발생하는 손실을 보전하기 위한 특수한 상황에서 사전약정에 따라 이루어진 점, ② 매수의 대상과 법위도 협력업체 및 퇴직임직원만을 대상으로 70만주를 한도로 한정적으로 이루어진 점 등 변론에 나타난 제반사정을 종합하면, SS계열사 4개 법인의 SS생명 주식의 매수가액은 불특정 다수인 사이에서 일반적으로 거래된 가격이라고 볼 수 없다.

㈐ 다음으로, 채권금융기관들 중 일부가 이 사건 주식의 1주당 시가를 금 70만원으로 평가한 부분을 보건대, ① 채권금융기관이 이 사건 주식을 수증한 후 이를 자산 수증익으로 계상하는 것은 개별 법인의 편면적 회계처리에 불과하여 이 사건 주식의 교환가치를 의미하는 것이 아닌 점, ② 채권금융기관들 중 이 사건 주식의 1주당 시가를 금 70만원으로 평가한 법인보다 오히려 그 이하의 가격으로 평가한 법인이 더 많다는 점 등 변론에 나타난 제반사정을 종합하면, 채권금융기관들 중 일부 법인의 이 사건 주식의 1주당 평가액이 이 사건 주식의 시가를 의미한다고 볼 수 없다.

㈑ 끝으로, ○○보증보험이 수증한 이 사건 주식 중 일부를 자산유동화한 부분을 보건대, ○○보증보험의 이 사건 주식의 자산유동화는 만기가 도래한 SS자동차 회사채의 상환을 위한 목적으로 관련 회사들과의 사전약정에 따라 이루어진 것이므로, ○○보증보험의 이 사건 주식 매각 단가는 정상적이고 일반적인 거래에서 형성된 객관적 시가를 의미한다고 보기가 어렵다.

㈒ 따라서, 피고가 이 사건 주식의 1주당 시가의 근거라고 판단한 부분은 모두 이 사건 주식의 시가를 반영하는 사례라고 보기 어렵고, 달리 이 사건 주식의 1주당 시가가 금 70만원이라는 점을 인정할 증거가 없다.

(3) Rather, on May 22, 200, 200, 1 ○○ Company sold 250,000 won per share of SSS life stocks to ○○ Company on May 22, 2000, 200, 200 won per share, 325,000 won per share of SS life stocks provided by ○○ Company with funds borrowed from a foreign country on June 2002. ③ The SS life stocks traded in the non-corporate trading market around the time of the instant donation are traded from 150,00 won per share of non-corporate stocks to 403,150 won per share, 40,000 won per share of non-corporate stocks, ④ The ○○ Research Institute, a specialized assessment institution, assessed as 38,499 won per share in the report in 199, 000 won per share to 10,000 won per share in the report on September 30, 200.

(4) Therefore, in the instant case where no data exists to calculate the fair market price of the instant shares at the time of the instant donation, the instant disposition imposing the instant shares on the premise that the market price per share of the instant shares is KRW 700,000,000 is unlawful, and the entire revocation is inevitable.

3. Conclusion

Therefore, the plaintiffs' claims of this case are with merit, and it is so decided as per Disposition by admitting them.