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

The grounds of appeal are examined.

1. Articles 14(1)4 and 13(2) of the former Restriction of Special Taxation Act (amended by Act No. 8827, Dec. 31, 2007; hereinafter the same shall apply); Article 12(1) of the former Enforcement Decree of the Restriction of Special Taxation Act (amended by Presidential Decree No. 22037, Feb. 18, 2010; hereinafter “former Enforcement Decree of the Restriction of Special Taxation Act”) provides that capital gains tax shall not be imposed on the transfer of stocks acquired by investing in a venture business under Article 2(1) of the Act on Special Measures for the Promotion of Venture Businesses (hereinafter referred to as “venture business”). Article 14(1)4 and 13(2) of the former Enforcement Decree of the Restriction of Special Taxation Act (amended by Act No. 8827, Dec. 31, 2007; hereinafter referred to as “former Enforcement Decree of the Restriction of Special Taxation Act”); Article 12(2)1 of the former Enforcement Decree of the Restriction of the Corporate Tax Act (hereinafter referred to “Special Provisions of the Act”).

In addition, Article 87 (1) 2 and Article 50 (2) of the Enforcement Decree of the Corporate Tax Act (amended by Presidential Decree No. 23589, Feb. 2, 2012) hold less than 1/10 of the total number of shares issued or total amount invested by shareholders.