The amount paid by the transferee to the employees of the issuing corporation should be included in the plaintiffs' transfer margin.

Since the transferee of the instant shares had to pay part of the purchase price to the Plaintiffs in advance to the employees of the issuing corporation at the time of the transfer contract with the Plaintiffs, it is reasonable to calculate the transfer margin of the Plaintiffs including this.

Article 89 of the Income Tax Act

2012Gudan22945 Revocation of Disposition of Imposing capital gains tax, etc.

Attached Form : The same as the entry of the Plaintiff’s Schedule;

Head of the Tax Office and 8

July 24, 2013

September 25, 2013

1. All of the plaintiffs' claims are dismissed.

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

Each Defendant’s disposition of imposition of each transfer income tax and securities transaction tax stated in the [Attachment 1] Disposition List to each Plaintiff shall be revoked.

1. Circumstances of dispositions;

A. The total number of outstanding shares of AA(hereinafter referred to as "A") that is a listed corporation was 7,47,96 as of December 31, 2007, and the 5,391, and903 shares (72.39%) were owned by BB, a corporation of the Netherlands, (hereinafter referred to as "BB") 706,389 shares (9.48%) including the plaintiffs, 706, and 389 shares (9.48%) respectively.

B. On March 11, 2008, the plaintiffs transferred AA shares to CCC, and reported and paid the transfer income tax for the year 2008 on the premise that the transfer value is the same as the amount stated in [Attachment Table 2]. However, the tax authority imposed the transfer income tax and the securities transaction tax on the plaintiffs, such as the transfer income tax and the securities transaction tax as stated in [Attachment Table 1], on the ground that the transfer value following the transfer of shares is the same as the amount stated in each item in [Attachment Table 2].

C. The Plaintiffs underwent the pre-trial procedure.

[Ground of Recognition] Unsured Facts, A 1-1 to 4-2, and B 2-1 to 3-17 2.

2. Whether a disposition is lawful

A. The plaintiffs' assertion

The transfer value of shares transferred by the plaintiffs is as stated in the revised contract - transfer price 2 in the attached Table 2. Therefore, the disposition of this case made on a different premise is unlawful.

B. Relevant statutes

Attached Form 3 is the same as the entry of the relevant laws.

(c) Fact of recognition;

(1) BB became a major shareholder of AA in around 2000, and management shareholders acquired AA shares at the OOO won per share by exercising Stockholm options around December 2002 through December 2005.

(2) On January 24, 2008, the CCC’s board of directors decided to purchase AA shares to OOO on January 24, 2008, and CCC entered into a contract between BB and BB on January 28, 2008, under which AA shares were transferred to OOO in total, and 292 shares were transferred to OOOO per share between BB and BB on January 28, 2008. ② On the same day management shareholders (specificly, their agents and themselves as Plaintiff DD) and Plaintiff DD on the same day, between AA shares and 706,389 shares were transferred to OOO in total, and the transfer number and transfer amount for each management shareholder are as stated in the "number of shares" column and "transfer price" column of this contract and "transfer price" column.

(3) The AA trade union (hereinafter referred to as "labor union") argued that "BB and management shareholders obtained enormous benefits from the sacrifice of employees, and that "BB and management shareholders will go to the exercise of the power until they recover their unfair benefits," and came to the partial strike.

(4) On March 11, 2008, in the name of three of the FF, the chairman of the EE Trade Union, the FF, the chairman of the EE Union, and the head of GG, the director of the EE Trade Union A., "Agreement on pending issues related to share fluctuation (hereinafter referred to as the "Effective Agreement")," and AA trade union members are entitled to receive special incentive equivalent to the total amount of OOOO won or OOO won according to the length of service, and the content thereof are as follows.

▪ AA의 대주주(BBB) 및 경영진주주(이하 "양도자"라 한다)는 주식양수도 계약체결에 따른 지분변동 관련 현안문제에 대하여 EEE노동조합 AA지부와의 당사자간 협의를 통하여 아래와 같이 합의한다.

"Transferr shall pay the following special incentives (hereinafter referred to as "the special incentives") in order to encourage employees' dismissal of their management performance with the new starting of the company:

(5) On the same day, CCC concluded a Cash Scashbron agreement between BB and AA containing the following terms, and paid the remainder other than the Cash SOO members of the transfer price set out in the Stock Transfer Agreement (CC-BB) dated January 28, 2008.

▪ 매도인(BBB)은 대주주였던 기간 동안 노동조합 소속 근로자들이 회사를 위해 수행한 업무를 고려하여 근로자들에게 보너스로 분배될 현금을 회사(AA)에 지급한다.

▪ 매도인(BBB)은 (중략) 매매대금의 일부를 아래와 같이 회사(AA)에 송금하도록 매수인(CCC)에게 지시하여야 하며， 이는 매도인(BBB)이 회사(AA)에 대해 현금보너스를 지급한 것으로 의제된다.

▪ 회사(AA)는 현금보너스의 수령일로부터 7영업일 이내에 노동조합 소속 근로자들에게 회사와 노동조합 간에 합의된 바에 따라 현금보너스를 분배하여야 한다. 현금보너스의 분배를 완료한 후 회사는 매도인(BBB)에게 그 사실을 확인하여 주어야 한다.

(6) On the same day, CCC concluded the first revised contract of the stock sales contract ("the first revised contract") between management shareholders (specificly, and their agents and themselves, as Plaintiff DD), and paid OCO for the stock transfer price to management shareholders.

▪ 계약('본계약'을 의미함) 제4조는 그 전체가 다음으로 대체된다. "각 매도인이 매수인에게 지분을 앙도함에 따라 매수인이 5.4조에 의해 한국 원화로 지불하여야 할 금액은 별첨 A의 금액 부분에 명시된다."(별첨A의 금액 부분은 [별표2] '수정계약-양도 대금2'란 각 기재 금액과 같음)

▪ 1차 수정 계약에 의해 명시적으로 수정되지 않는 한 계약('본계약'을 의미함) 의 모든 조건과 그에 따라 작성된 모든 약정들은 효력을 유지한다.

(7) On March 14, 2008, AA paid an amount equivalent to the amount of OOO of special encouragement to its employees, and CCC paid OOO on the same day to AA, and OOOO on December 30, 2008.

(8) On the other hand, on January 21, 2008, CCC reported and published the total acquisition amount of AAE as OOO on January 21, 2008, and on March 12, 2008, corrected the amount as OOOO.

(9) Details of the agency, the ruling agency, and the documents submitted to this court, and written answers and explanatory materials are as follows:

○ Plaintiff HH (former Vice President of HH)’s written answer on April 14, 2011

▪ 양도 당시 DDD가 대표이사였기에 경영진주주들이 개개인으로 양도관련업무를 할 수 없어서 DDD에게 일괄 위임하였다. 그래서 자세한 내용은 모르지만 아는 부분을 대략적으로 말하면， AA의 직원들에게 OOOO원을 주기로 하였고 그 금액을 마련하기 위해 주식의 양도대금 일부를 주기로 하였고 그 금액을 마련하기 위해 주식의 앙도대금 일부를 개인별로 각각 남겨두고 나머지 양도대금만 통장으로 수령하였다.

○CC’s explanatory materials dated July 5, 201 and August 30, 2011

▪ 경영진주주는 현안 합의서에 의거하여 개인별 앙도금액에서 특별격려금을 제외한 금액을 CCC과의 주식매매계약 금액으로 할 것을 요구하였다. 당사는 그 요구를 받아들여 당초 계약금액(OOOO원)에서 특별격려금(OOOO원)을 제외한 금액으로 주식매매계약서를 작성 후 경영진주주에게 대금을 지급하였으며， AA 종업원들에게 지급할 특별격려금을 경영진주주를 대신하여 AA에 지급하였다 .

▪ (AA주식 인수대금을 정정공시한 이유는) 계약서를 근거로 공시하여야 하는 거래소 공시규정에 의거하여 정정공시하게 되었다.

○ Certificate of September 1, 201 of the GG (the head of metal labor union AA)

▪ AA의 대주주인 BBB 및 경영진주주는 각각 OOOO원 상당의 금액을 AA 종업원에게 지급하기로 합의한 바 있다. (중략) 대주주인 BBB와 스톡옵션을 부여받은 경영진주주가 주식양도로 막대한 양도차익이 발생하였는데 이는 회사가치가 그 만큼 상승하였기 때문이고 그 이익을 모두 기존주주들만이 독차지하는 것은 부당하기 때문에 노동조합에서는 그 차액의 일부를 종업원에게 지급해 줄 것을 요청하게 되었다.

○○ Certificate of September 1, 2011 by the Head of the AAH Cooperation Office (the Chief of the AAH)

▪ BBB와 경영진주주는 노동조합과 수차례의 협상을 진행하여 양도차액에 서 일정부분을 할애하는 방법으로 BBB OOOO원， 경영진주주 OOOO원으로 합계 OOOO원을 종업원들에게 지급하기로 하였다. (중략) 경영진주주들은 양도가액을 OOOO원으로 할 경우 양도소득세가 과다하게 부과될 것을 우려하여 종업원에게 지급할 OOOO원을 CCC이 대신 지급하게 하고 (중략) 양도소득세를 줄이기 위하여 CCC 에게 양도가액을 변경해줄 것을 요청하였다.

○ Certificate of September 1, 201 issued by JJ (AA Finance Management Office) and KK (CCC Accounting Division)

▪ CCC은 2008. 3. 11.자로 경영진주주의 대지급분인 OOOO원에 대하여 동 금액을 주식취득원가로 가산하고 AA를 미지급대상자로 하여 회계처리하였다.

▪ AA는 2008. 3. 14. 종업원에게 OOOO원을 지급하면서 BBB로부터 수령한 OOOO원은 미지급 상계처리 하였고 경영진주주로부터 수령하여야 하는 OOOO원에 대해서는 가계정으로 처리， 2008. 10. 31. 가계정을 미수금으로 전환하고， 2008. 12. 30. 그 대금을 회수하여 미수금을 변제하였다.

[Reasons for Recognition] Gap 3-1 through 9, Eul 4, 5, 7-1 through 11, and the purport of the entire pleadings

D. Determination

(1) In a case where the provisions pertaining to the calculation of tax base in the tax-related Acts, notwithstanding the name or form of income, profit, property, act or transaction, are applied according to the substance thereof (Article 14(2) of the Framework Act on National Taxes), and where it is recognized that the benefit of the Framework Act on National Taxes or the tax-related Acts is obtained unfairly by indirect means through a third party or by means of two or more acts or transactions, it shall be deemed that the party has made a direct transaction or has engaged in a continuous single act or transaction according to the economic substance thereof, and thus, the provisions of the Framework Act

The actual transaction price, which is the basis for calculating capital gains tax, refers to the actual amount agreed upon as the price for transfer itself or at the time of transaction (see, e.g., Supreme Court Decision 200821614, Jul. 28, 2011); and if there is any amount actually agreed as the price for transfer different from the amount stated in the transfer contract, it shall be deemed the actual transaction price.

(2) In light of the following circumstances, it is reasonable to view that (a) BB and management shareholders, based on the above facts, paid OOO members out of the gains on transfer of AA stocks to the employees of AA as special encouragement, and (b) the CCC, the transferee of the stocks, paid the above amount to AA and agreed to follow the manner in which AA distributes it to the employees in the payment method.Therefore, the above special encouragement amount is included in the AA stock transfer gains of management shareholders, and the transfer value of AA stocks of management shareholders can be seen as the amount stated in the "1" column of this Agreement‐transfer price 2.

○ The pending agreement is only an agreement that AA would distribute funds to be received under the pretext of special encouragement by BB, management shareholders, or CCC, and it cannot be viewed that AA would directly bear the obligation to pay special encouragement funds to Trade Union.

▪ 노조는 BBB 및 경영진주주들에 대하여 그들이 얻게 될 주식양도차익을 종업원들에게 분배할 것을 요구하였고， 그 협상의 결과로 위 현안합의서가 작성된 것이다. 따라서 AA가 직접 특별격려금 지급의무를 부담할 이유는 없다. 만일 원고 DDD가 노조의 위와 같은 요구에 대하여 AA로 하여금 특별격려금 지급의무를 부담시키는 내용의 합의를 하였다면 이는 배임행위에 해당한다고 볼 수 있다.

▪ 현안합의서에도 '양도자'， 즉 BBB 및 경영진주주들이 격려금을 지급한다고 명시되어 있다. 현금보너스약정 중 '회사와 노동조합 간에 합의된 바에 따라 현금 보너스를 분배하여야 한다'는 조항도， AA의 특별격려금 '분배' 의무를 확인한 것에 지나지 않고， AA가 종업원들에게 격려금을 지급할 의무가 있음을 전제로 한 것은 아니다.

▪ BBB 및 경영진주주들이 노조에 직접 금원을 지급할 경우 발생할 수 있는 법적・사회적 논란을 고려하여， AA에게 그 전달자의 역할을 맡기기로 하고， 그와 같은 이유에서 현안합의서가 작성된 것으로 보인다.

Whether ○ management shareholders assume legal and contractual obligations to pay incentives for labor union, and whether CC has taken over the above obligations does not affect the determination of stock transfer value. This is because management shareholders can receive part of the stock transfer price for labor union, and it does not change only from the recipient of the transfer price, but also from the case.

▪ AA주식이 비상장주식이었고， CCC의 AA 인수로 인하여 경영진주주들의 해임이 확실시되었으며， 특히 당시 경영권 프리미엄이 주식양도가액에 반영될 상황이었던 점 등을 고려하면， 경영진주주들로서는 노조에 주식양도차익의 일부를 나누어 주고서라도 주식양도를 원만하게 끝낼 동기가 충분하였을 것으로 보인다.

According to each of the above facts found in the facts of recognition, the statement of answers and explanatory materials, and the revised contract is not a contract to actually reduce the stock transfer price agreed upon in this contract, and the agreement to pay part of the stock transfer price to the union is formed, and it is not merely a contract that is externally small for the purpose of capital gains tax reduction or exemption.

▪원고들은 AA 및 CCC과 갈등관계에 있다고 주장하면서 위 확인서, 문답서 및 소명자료 등의 신빙성을 다투나, 특별히 그 신빙성을 의심할 만한 사정을 찾을 수 없고, 앞서 본 바와 다른 경위로 수정계약이 체결되었다고 볼 만한 정황도 없다.

On the other hand, the plaintiffs asserted that the AA's share value fell, and that the CCC's request was concluded by the AA to reduce the share transfer price. However, as seen earlier, the plaintiffs asserted that ① AA is not obligated to pay the special incentive amount under the AA, ② there is no reason to change the shares value, ② there is no reason to change the AA's share value, ③ an pending agreement, amendment agreement, and cash grant agreement are concluded on the same day, and ④ even if the plaintiff DD, the representative director of the AD, was not a situation of promising the payment of special incentive amount without any consultation with BB, CCC, and management shareholders, ⑤ If the plaintiff's logic is based on the plaintiff's logic, it is difficult to accept the plaintiff's assertion that the BB and management shareholders' share shares (81.87% of the total shares) were reduced by OO0 million won, and that it is difficult to accept the plaintiff's above assertion in light of ordinary commercial transactions.

(3) Therefore, the instant disposition taken on the same premise is lawful.

3. Conclusion

The plaintiffs' claims in this case are dismissed for all reasons.

List of Plaintiffs

1. LLL2. MMM3. PPP4. QQQ5. RRR6. SSS7. TTT8. UUU9.DDD10. VVV

11.WW12. City 13.YY14. ZZ15.aa6. bbb17. cccc