Time and method for evaluating the standard market price of land designated as reserved land

In evaluating the standard market price at the time of transferring the land designated as the land scheduled for substitution, it is legitimate to calculate the standard market price in consideration of the appraisal value where the officially assessed land price of the land scheduled for substitution has not been determined and publicly announced.

Article 96 of the former Income Tax Act

Article 164 of the Enforcement Decree of the Income Tax Act: Calculation of Standard Market Price of Land and Buildings

1. The appeal is dismissed.

2. The costs of appeal are assessed against the Plaintiff.

In comparison with the records of this case and the judgment of the court below, the assertion of the grounds for appeal by appellant is not accepted in accordance with Article 4 of the Act on Special Cases concerning the Procedure for Appeal.

Therefore, the appeal is dismissed in accordance with Article 5 of the Act, and the costs of appeal are assessed against the losing party. It is so decided as per Disposition by the assent of all participating Justices.