All appeals by the plaintiffs are dismissed.

The costs of appeal are assessed against the plaintiffs.

The purport of the claim and appeal is the purport of the appeal.

1. The reasons why the court should be stated in this part are as follows, and the part concerning which the plaintiffs argued or emphasized in the trial is additionally stated in the reasoning of the judgment of the court of first instance except for further determination under paragraph (2) below. Thus, this part shall be cited in accordance with Article 8(2) of the Administrative Litigation Act and the main sentence of Article 420 of the Civil Procedure Act.

Part 5 of the judgment of the first instance court, "The former Inheritance and Gift Tax Act" in Part 5 of the former Enforcement Decree of the Inheritance and Gift Tax Act shall be amended to "the provision that considers "the 6th chapter 17 of the former Enforcement Decree of the Inheritance and Gift Tax Act as a donation" as "the provision that calculates individual values for profits".

2. Additional determination

A. 1) The Plaintiffs’ assertion that there was no transfer of shares without compensation is a tax imposed on the transfer of property or profits. However, since the increase in the price of the instant corporation’s share price following the public announcement of the instant capital increase, there was an increase in the economic benefits remaining after offsetting the dilution and decline in the share price due to capital increase. Therefore, even if the Plaintiffs acquired the instant new shares at a price lower than the market price, it cannot be deemed that there was a transfer of shares without compensation, and thus, it does not constitute a donation under the former Inheritance Tax and Gift Tax Act (hereinafter “Gift Tax Act”).

Before the amendment by Act No. 7010 of Dec. 30, 2003, the concept of “donation” does not have any unique definition provision on the concept of “donation”, and the concept of “a case where one of the parties expresses his intention to confer property to the other party without compensation and the other party agrees to give property by accepting it,” in principle, shall be subject to gift tax. However, with respect to the transfer of property without compensation between the parties, a provision on the legal fiction of donation has been prepared and imposed.

As a result, new financial techniques that are not listed in the regulations on deemed donation; or