In the absence of an intermediate payment agreement, its transfer period under Article 27 of the former Income Tax Act (=the payment date of remainder other than the contract deposit)

In calculating gains on transfer of assets, Article 27 of the former Income Tax Act shall not apply where the contents of the relevant contract are agreed to pay the balance immediately without paying the intermediate payment or any money or valuables of a similar nature, or where the payment of the balance is made immediately without paying the intermediate payment, etc., and in such case, the transfer or acquisition time of assets shall be the date of receiving or receiving the said balance.

Article 27 of the Income Tax Act (Law No. 3098 of December 5, 1978)

[Defendant-Appellee] Defendant 1 and 3 others (Attorney Sung-Gyeong, Counsel for defendant-appellee)

Deputy Director of the Tax Office

Seoul High Court Decision 82Gu592 delivered on January 27, 1983

The appeal is dismissed.

The costs of appeal shall be borne by the defendant.

We examine the grounds of appeal.

In calculating gains on transfer of assets, the transfer or acquisition date of assets shall be the date on which the relevant contract was concluded and part of the price other than the down payment is received, or shall be the date on which the payment is received, or shall be the date on which the part of the price is received, except the down payment. In this case, the date on which the payment is received or the date on which the payment is made refers to the cash or valuables of a similar nature other than the down payment, and if the date is not specified, it refers to the date 30 days from the date of conclusion of the transfer contract, etc., and if the contents of the relevant contract were agreed to pay the down payment without paying the intermediate payment or money of a similar nature, or if the payment is made immediately without paying the intermediate payment or the intermediate payment, etc., the transfer or acquisition date of assets in such case shall be the date on which the remaining payment is received, or if there is no reason to criticize the payment agreement itself, it shall not be applied Article 27 (3) of the Income Tax Act, and if there is no reason to interpret the date of payment other than the down payment, it shall be justified in part of the transfer date of the contract.

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 Justices.

Justices Lee Chang-chul (Presiding Justice)