The meaning of "the date of termination" as stipulated in the contract under Article 27 of the former Income Tax Act (amended by Act No. 3576 of Dec. 21, 1982)

The term "date of exhaustion" in the contract prescribed in Article 27 of the former Income Tax Act (amended by Act No. 3576 of Dec. 21, 1982) is not only the date of determination of daily power, but it is also stipulated in the contract even if it is indefinite.

Article 27 of the former Income Tax Act (amended by Act No. 3576 of Dec. 21, 1982)

Supreme Court Decision 83Nu729 Decided April 24, 1984, Supreme Court Decision 86Nu76 Decided September 9, 1986

[Judgment of the court below]

Head of the Tax Office;

Seoul High Court Decision 84Gu1037 delivered on June 18, 1987

The appeal is dismissed.

The costs of appeal are assessed against the plaintiff.

We examine the grounds of appeal.

Article 27 of the former Income Tax Act (amended by Act No. 3576 of Dec. 21, 1982) provides that the date of transfer of assets shall be the date of receipt or receipt of part of the price other than the down payment, and the date of receipt or receipt of part of the price other than the down payment, such as intermediate payment and remainder payment, shall be the fixed date, if stipulated in the contract, and if the date is not stipulated in the contract, it shall be the 30th day from the contract date. The term "fixed date" mentioned in this provision means not only the fixed date but also the fixed date, but it is the opinion of the party member that the contract is stipulated in the contract even if it is indefinite, (see, e.g., Supreme Court Decision 86Nu76, Sept. 9, 1986; 83Nu729, Apr. 24, 1984). If the plaintiff received the land in this case as determined by the court below and the buyer and the purchaser newly constructed the contract on the same day, and it shall not be paid the down payment.

Therefore, the appeal is dismissed, and the costs of appeal are assessed against the losing party. It is so decided as per Disposition by the assent of all participating Justices.

Justices Park Jong-dong (Presiding Justice)