In calculating gains on transfer of assets under Article 27 (1) of the former Income Tax Act (amended by Act No. 3472 of Dec. 31, 1981), the time of transferring assets;

In calculating gains on transfer of assets under Article 27 (1) of the former Income Tax Act (amended by Act No. 3472 of Dec. 31, 1981), the time of transfer of assets shall be the date when the relevant contract is concluded and part of the price other than the down payment is received. As such, the time of transfer of assets shall be deemed to be the date when the intermediate payment is received under the transfer contract, and the measure is just as the date when the transfer is made under the transfer contract, and there is no preliminary return or final return on transfer or the date when the cause of registration is the transfer.

Article 27 (1) of the former Income Tax Act (amended by Act No. 3472 of Dec. 31, 1981)

Supreme Court Decision 83Nu60 Decided August 23, 1983 84Nu64 Decided May 9, 1984

Plaintiff

Head of Guro Tax Office

Seoul High Court Decision 82Gu694 delivered on June 23, 1983

The appeal is dismissed.

The costs of appeal shall be borne by the defendant.

1. The grounds of appeal No. 1 are examined.

According to the reasoning of the judgment below, the court below found that the plaintiff acquired the real estate of this case from the non-party 1 on December 10, 1973 and transferred it to the non-party 2 on December 28, 1974, and determined that the income accrued from the transfer of real estate does not constitute taxable income, according to the former Income Tax Act (Act No. 2636 of December 20, 1973) which was enforced at the time of the transfer of the real estate of this case, the income accrued from the transfer of real estate does not constitute taxable income. In light of the records, the court below's fact-finding and judgment are just and acceptable, and there is no error of law of misconception of facts due

2. The second ground of appeal is examined.

According to Article 27 (1) of the former Income Tax Act (amended by Act No. 3472, Dec. 31, 1981) which was enforced at the time of taxation of this case, the transfer time of assets in calculating transfer margin of assets provides that the transfer time of assets shall be the date when the relevant contract is concluded and part of the comments other than the down payment is received. Thus, the court below is just in holding that the transfer time of assets in this case shall be the date when the intermediate payment is received under the transfer contract of this case is just and the plaintiff shall not be deemed to be the transfer date or the date when the transfer registration was made on the registry or the date when the cause of registration is transferred (see Supreme Court Decision 84Nu64, May 9, 1984).

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

Justices Lee Jong-soo (Presiding Justice)