Seocho 2016west 1642 ( December 9, 2015)

The appraisal of stocks paid in consideration of transfer shall be based on the date of opening in the name of the transferee.

In principle, the date of transfer of assets shall be the date of settlement of the price, or in case of transfer of assets before settlement of the price, the date of receipt entered in the list, etc., i.e., the date of transfer of assets

Article 98 of the Income Tax Act, Article 162 of the Enforcement Decree of the Income Tax Act

2016Gudan52500 Revocation of Disposition rejecting capital gains tax rectification

New AA et al.

O Head of tax office

March 17, 2017

May 16, 2017

1. The plaintiffs' claims are dismissed.

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

Cheong-gu Office

The Defendant’s rejection of correction of KRW 156,127,922 of the transfer income tax for the year 201 belonging to Plaintiff New York on February 13, 2015 and disposition of refusal of correction of KRW 72,475,673 of the transfer income tax for the year 201 to Plaintiff TradeB shall be revoked, respectively.

1. Details of the disposition;

A. On July 30, 201, the Plaintiff Company is an employee of TT (hereinafter referred to as “TT”) who is an unlisted corporation, and the Plaintiff Company is an investor of TT.B. As of July 30, 201, the Plaintiff Company held 38.02% of the shares of TT, and the Plaintiff CompanyB held 1.81% of the shares of the TT.

B. On July 30, 201, 201, the shareholders, including the plaintiffs, transferred all of the shares of TT with LL to LL. In response, the shareholders entered into an agreement with LL to receive the total of 17,710,000 U.S. dollars and 17,728,324 U.S. dollars and the total of 19,580,000 U.S. dollars and the total of 9,592,256 common shares of MM (hereinafter referred to as "M common shares to be received by executives and employees and investors") in proportion to their shares (hereinafter referred to as "share transaction agreement of this case"). The main contents are as follows.

Article 1. Stock Transfer Limits

1.2 Termination

(b) The purchaser shall:

(i) 19,580,00 U.S. dollars shall be paid to investors. 5% of that amount shall be subject to withholding by the buyer, 13.5% shall be deposited in the Esck account, and 81.5% shall be paid to investors by means of transfer to the account designated by the seller’s representative in accordance with their respective shares of equity, at least two business days before the termination.

(ii) 17,710,00 U.S. dollars shall be paid to shareholders. 5% of that amount shall be subject to withholding by the buyer, 13.5% shall be deposited in the Esck account, and 81.5% shall be paid to shareholders and employees in the manner of transfer to the account designated by the seller’s representative at least two business days before the date of termination.

(iii) a sum of 9,592,256 U.S. dollars 0.001. The normal shares of the parent company shall be paid to the shareholders of the investor. 20% of the shares shall be deposited in the Esck account pursuant to Section 1.2(b)(v), and 80% shall be paid in proportion to the respective shares of the investors.

(iv) Payment of the number of common shares to the shareholders of an executive or employee in accordance with the provisions of the Stock Restrictions Agreement shall be made to the shareholders of an executive or employee. 20% of the shares shall be subject to the withholding of payment by the purchaser, and 80% of the shares shall be made in accordance with the respective shares ratio of the

(v) deposit 13.5% of the cash consideration for investors in the accounts of Escro transfer, 13.5% of the cash consideration for officers and employees, and 20% of the stock consideration for investors. General Esck amount shall be used in the claims for compensation under Articles 6 and 9, together with the suspension of payment of the stock consideration for the officers and employees, and the deferred amount of payment of driving capital shall be used when the amount required under Section 1.3(h) is not appropriated.

1.3.Adjustment of Sales Price;

(b) Before the termination: Before the end of at least two business days, the seller’s representative must deliver to the buyer the estimated consolidated balance sheet for TT and its subsidiaries as of the date of the termination of the contract and the estimated termination date, which includes the detailed details of driving capital trends on the balance sheet as of the date of termination of the contract. The estimated termination date statement shall be prepared in accordance with the accounting principles set forth in Ex White A.

(ii) if the copy of the target driver is in excess of the

(A) reduces the price for cash to investors by the amount calculated by multiplying the shareholder’s total equity ratio by the estimated surplus; and

(B) the amount calculated by multiplying the total equity ratio of the executives and employees by the estimated loss shall be reduced by the amount of cash consideration for the executives and employees.

Provided, That if the sum of the price in cash for investors and the price in cash for executives and employees is less than the estimated loss, the purchaser may reduce the price in proportion to the amount less than the total share ratio of the investor's shares on the basis of risk collapse, value rating on the closing date,/or value rating on the closing date: Provided, That the seller shall not be liable for the amount less than the total share ratio of the investor.

(h) Final adjustment: Within two business days from the date on which the closing date account statement becomes final;

(i) If the driver's main shop exceeds the driver's main shop on the date of termination, the amount of the driver's main shop shall be reduced to the amount in excess, provided that the buyer is entitled to receive from Escro and risk amounts as much as the amount of the driver's main shop is deficient.

1.4. Deferment of payment;

(b) The buyer has the right to withhold the exchange of the portion equivalent to 20% of the stock price for the executives and employees on the closing date. Pursuant to paragraph (6) of Article 9.6, the buyer may not pay to the buyer the amount of the final loss under subsection (h)(ii) of Article 1.3(h) and the amount of the compensation claim under Articles 6 and 9 and the amount of the compensation claim to the buyer under paragraph (1.3(h)(h) of the final adjustment. If the stock price for the executives and employees remains without using the same as the sentence before the closing date, the buyer shall increase the number of the parent company’s shares equivalent to the remaining shares price for the executives and employees in proportion to the shares ratio of each officer and employee. However, if a claim is not yet determined, the buyer shall have the right to continuously hold the shares at any time and the amount of the compensation claim to the parent company under paragraph (1)(h)(b) of Article 6 and 9.6.

Article 9 Compensation

9.2.Compensation by a seller;

After the date of termination or termination, in accordance with section 9, the seller shall not return to each buyer, person concerned with the buyer, employee, agent, successor, and transferee any loss incurred under subsection (a), (b), (c) or (c), and shall compensate the buyer for the loss:

(a) in section 2 and 3, the statement and guarantee of the seller is inaccurate or any violation has occurred.

(b) If the contractual seller has breached or has not fulfilled the terms of the contract or agreement to be performed by the contractual seller

9.6. Method of compensation;

Based on Articles 9, 6 and Escro-related agreements after the date of termination, the right of the purchaser to compensate for damages under Articles 9 and 6, and the purchaser's claim under Article 1.3 (h) (i) shall be met in the following manner:

(a) Any liability arising under section 9.2(a) or any liability arising under section 9.2 by the seller for breach or non-performance of the seller’s statement or warranty, as it is included in section 2, by reason of the seller’s incorrect or non-performance of such obligation.

(i) shall be proportional to the portion of the seller’s possession of the investor’s cash Esck or its officers and employees’ cash sck.

-

(ii) if the portion of ownership of the investor’s cash, Escro or officers and employees’ cash SP is reduced to zero, if the seller is an officer and employee of the seller, the total amount of the margin granted to the seller under the contract for compensation held by the seller as specified in Table 1 of the sight of this contract shall be reduced, provided that this does not exceed 13.5% of the total sum of the margin of possession as above.

9.7. Escro released;

On the 15th day from the date of termination, the seller's representative and the buyer shall forward the payment order for the transfer of Esc through Esc to the seller's representative so that the amount obtained by deducting the amount claimed by the buyer who has not yet been resolved pursuant to Articles 6 and 9 from the balance of the general Escro account from the balance of the general Escro account is paid to Escro.

C. As of September 16, 201, the date of termination of the instant share transaction agreement, TPP shareholders and LL have appraised the value of the driver’s capital of TPP as of September 16, 201, and concluded a contract to adjust the purchase price pursuant to Article 1.3(b) of the instant share transaction agreement (hereinafter “revision agreement”). Moreover, on the same day, the Plaintiffs transferred the entire shares of TPP (hereinafter “instant shares”).

D. According to the instant share transaction agreement and the amendment agreement, the entry is as follows in the column of “transfer price” for the Plaintiffs’ cash and MF common investors to acquire from LLL. The entry is as follows: “The amount of cash and MF common investors received on September 16, 201, which the Plaintiffs received on September 16, 201, out of the following table.” Meanwhile, at the date of termination of the instant share transaction agreement, the market price of MF common share was USD 7.69 per share.

E. Thereafter, the Plaintiffs received some of the cash reserveded by LL on December 16, 2012 and all of the MF common shares. At the time, the market price of the MF common share was USD 0.35 U.S. dollars per share.

F. On November 30, 201, and June 15, 2012, the Plaintiff Company reported and paid capital gains tax by calculating the value of the common share of MF to each Defendant on the basis of 7.69 U.S. dollars per share. The Plaintiff Company reported and paid capital gains tax to each Defendant. On November 21, 2014, the Plaintiff Company filed a request for correction to reduce capital gains tax by reflecting the decline in market price of the common share of MF, which was actually paid and reserved, and the undeductible amount of necessary expenses, to each Defendant on December 16, 2014.

G. On February 13, 2015, the Defendant rejected the said claim for correction on the ground that, while accepting the claim for correction of the portion of the unpaid cash and the portion of the undeductibleed necessary expenses against the Plaintiffs, the reserved shares were received for the portion of the decline in the market price of M ordinaryism, and there was no increase or decrease in the price for payment (hereinafter “instant disposition”).

H. The Plaintiffs were dissatisfied with the instant disposition and filed an appeal with the Tax Tribunal on March 16, 2015, but was dismissed on December 9, 2015.

Facts that there is no dispute with recognition, Gap No. 1 through 12 (a certificate attached with a serial number)

(2) Each entry and the purport of the whole pleading;

2. Whether the instant disposition is lawful

A. The plaintiffs' assertion

1) On September 16, 201, when the instant shares were changed, the number and value of the shares to be acquired by the Plaintiffs were not determined. Accordingly, the transfer value of the instant shares ought to be calculated based on USD 0.35 U.S. dollars per share, which is the value of the common share of MM as of September 16, 201, which is the date of transfer.

2) Even if the transfer value of the instant shares ought to be calculated based on 7.69 U.S. dollars per share, which is the common stock value at the time of the transfer date, the Plaintiffs should be deemed to have waived the difference between the initially agreed amount and the actual acquisition price of the shares, since the Plaintiffs received MF common shares, which is 0.35 U.S. dollars per share on December 16, 2012 and did not undergo any specific settlement procedure with LL.

(b) Related statutes;

It is as shown in the attached Table related statutes.

C. Determination

1) Article 94(1)3(b) of the former Income Tax Act (amended by Act No. 12738, Jun. 3, 2014) and Article 96(1) of the former Income Tax Act (amended by Act No. 14389, Dec. 20, 2016) provide that the transfer value of unlisted stocks shall be based on the actual transaction value as at the time of transfer. Article 114(5) of the former Income Tax Act (amended by Act No. 11146, Jan. 1, 2012); Article 176-2(1) and (3) of the former Enforcement Decree of the Income Tax Act (amended by Presidential Decree No. 26067, Feb. 3, 2015) provide that where there is no necessary account book to confirm the actual transaction value, or where it is impossible to recognize or confirm the actual transaction value due to lack of important parts, such transfer value may be determined or corrected by estimation, standard market price, etc.

Meanwhile, in calculating gains from transfer, which is the tax base of capital gains tax, the actual transaction price refers to the actual transaction price, not the market price reflecting the objective exchange value, but the actual transaction price itself or at the time of the transaction (see, e.g., Supreme Court Decision 97Nu6629, Feb. 9, 199). Thus, where a transaction subject to capital gains tax is a simple exchange, the actual transaction price cannot be confirmed if the transaction subject to capital gains tax is a simple exchange. However, where the exchange is a value exchange based on the standard value of the object, such as accompanied by the procedure for settling the difference in the appraised value, it constitutes a case where the actual transaction price can be confirmed (see, e.g., Supreme Court Decisions 98Du19841, Nov. 26, 199; 2004Du5072, Jan. 14, 2005). In such cases, the actual transfer price of the object acquired through the exchange value, cash, etc. of the object acquired through the exchange (see, etc.).

Since the fact that the share transaction agreement in this case is a value exchange does not conflict between the parties, the actual transfer value of the shares in this case is cash and MF common shares acquired by the plaintiffs from LL. However, the value of the shares reserved among MP common shares, which the plaintiffs agreed to receive pursuant to the share transaction agreement in this case and the revised contract, has decreased compared to the termination date of the share transaction agreement in this case. In this case, whether the value of the shares reserved for payment should be deemed as the time of the appraisal of the shares as of September 16, 201, which is the termination date of the share transaction agreement in this case, or whether the reserved shares should be deemed as of December 16, 201, which is the termination date of the share transaction agreement in this case, the actual transfer value of the shares in this case differs. Thus, the issue in this case is whether the plaintiffs acquired the shares reserved for payment at any time.

2) In light of the following circumstances revealed in light of the facts as seen earlier, the evidence, and the purport of the entire pleadings, the Plaintiffs were deemed to have acquired a common share of MM, the payment of which was deferred on September 16, 201. As such, the transfer value of the instant shares ought to be calculated based on USD 7.69, which is the value of the common share of MM as of September 16, 201. Furthermore, the mere fact that the Plaintiffs’ price of the common share of MM, the payment of which was deferred from LL, decreased compared to September 16, 2011, the Plaintiffs cannot be deemed to have renounced the difference or the actual transfer value of the instant shares was changed. Accordingly, the instant disposition is lawful.

① According to Article 98 of the Income Tax Act and Article 162(1)2 of the former Enforcement Decree of the Income Tax Act (amended by Presidential Decree No. 25193, Feb. 21, 2014), the transfer date of assets shall be deemed the date of receipt entered in the register, etc., in principle, in cases where a transfer is made before the price is settled, or the transfer is made before the price is settled. Since the shares of this case was transferred on September 16, 201, the transfer date of the shares of this case shall be deemed the transfer date on September 16, 201, and Article 96(1) of the Income Tax Act provides that the transfer date shall be based on the actual transaction price between the transferor and the transferee at the time of its transfer. Thus, the transfer price of the shares of this case shall be based on the actual transaction price as at September 16, 2011.

② The share transaction agreement of this case constitutes a value exchange in which the Plaintiffs transferred TT shares and received cash and MM common shares in return for the transfer, and determined the number of cash and MM common shares to be paid by the Plaintiffs through the instant revision agreement. However, there is no adjustment provision following changes in the value of MM common share whose payment was deferred, and thus, it is reasonable to deem that the price of the instant shares was determined at the time of the amendment agreement.

③ The reasons for the partial reservation of the payment of MF commonism to be paid by the Plaintiffs under the instant share transaction agreement and the instant amendment agreement are to guarantee damages arising out of the Plaintiffs’ breach of contract, and is merely to facilitate the buyer’s claim for damages, not to reduce the purchase price.

④ The Plaintiffs reported the transfer income tax with the value of the instant shares 7.69 U.S. dollars per share. At the time, the Plaintiffs appears to have recognized the value of the instant shares as 7.69 U.S. dollars per share. Furthermore, the Plaintiffs acquired all the MM common shares whose payment was reserved.

⑤ There is no evidence between the Plaintiffs and the LL that there was an agreement between the Plaintiffs to waive the difference or to reduce the transfer value by the difference when the paid-in price of the deferred MM falls.

3. Conclusion

All of the plaintiffs' claims are dismissed as it is without merit, and it is so decided as per Disposition.

Related Acts and subordinate statutes

/ Income Tax Act

In calculating gains on transfer of assets under Article 98, the time of acquisition and transfer shall be the date of liquidation of the price of relevant assets, except in cases prescribed by Presidential Decree, such as where the date of liquidation of the price is unclear. In such cases, if the transferee has agreed to bear the capital gains tax and the additional amount of capital gains tax on the transfer of relevant assets, the price of assets shall be excluded.

(1) The former Income Tax Act (Amended by Act No. 14389, Dec. 20, 2016)

(1) The transfer value of assets under the subparagraphs of Article 94 (1) shall be the actual transaction value between the transferor and transferee at the time of transfer of the relevant assets (hereinafter referred to as "actual transaction value").

(1) The former Income Tax Act (Amended by Act No. 12738, Jun. 3, 2014)

Article 94 (Scope of Transfer Income) (1) Capital gains shall be the following incomes generated in the relevant taxable period:

3. Income generated from transfer of stocks or investment shares falling under any of the following items (including preemptive rights to new stocks, and securities depository receipts prescribed by Presidential Decree; hereafter in this Chapter, the same shall apply):

(b) Stocks of corporations which are not listed corporations.

(1) The former Income Tax Act (Amended by Act No. 11146, Jan. 1, 2012)

Article 114 (Determination, Revision and Notification of Tax Base for Transfer Income and Amount of Tax)

(5) Notwithstanding paragraph (4), where a person liable to file a final return on capital gains based on the actual transaction price (hereafter in this paragraph, referred to as a "person liable to file a final return") fails to file such return, and where it falls under cases prescribed by Presidential Decree in consideration of the tax base and tax amount of capital gains or the actual transaction price of a person liable to file a final return, the head of a tax office or the director of a regional tax office having jurisdiction over the place for tax payment may estimate transaction values entered in the register pursuant to Article 68 of the Registration of Real Estate Act (hereafter in this paragraph, referred to as "value entered in the register") as the actual transaction price and determine the tax base and tax amount of capital gains, notwithstanding paragraph (4): Provided, That this shall not apply where the entry price entered in the register

(1) The former Enforcement Decree of the Income Tax Act (amended by Presidential Decree No. 25193, Feb. 21, 2014)

(1) "Cases prescribed by Presidential Decree, such as where the date of the settlement of price is unclear" in the former part of Article 98 of the Act means the following cases:

2. Date of receipt of the registration entered in the register, register, list, etc. where the transfer of ownership (including the registration and the opening of the name) has been made before the price is settled;

(1) The former Enforcement Decree of the Income Tax Act (amended by Presidential Decree No. 26067, Feb. 3, 2015)

(1) "Grounds prescribed by Presidential Decree" in Article 114 (7) of the Act means cases falling under any of the following subparagraphs:

1. Where there are no books, sales contracts, receipts, and other evidential documents necessary to confirm the actual transaction price at the time of transfer or acquisition, or important parts are incomplete;

2. Where the details of books, sales contracts, receipts and other documentary evidence are obviously false in light of the transaction example value, appraisal value assessed by an appraisal corporation under the Public Notice of Values and Appraisal of Real Estate Act (hereafter in this Article, referred to as the "appraisal corporation");

(3) Where the transfer value or acquisition value is estimated, or revised pursuant to Article 114 (7) of the Act, the following methods shall be applied in sequential order (in cases of preemptive rights, subparagraph 3 shall not apply): Provided, That where the transaction example value under subparagraph 1 or the appraisal value under subparagraph 2 is deemed objectively unfair, such as the price arising from a transaction with a related party under Article 98 (1), the relevant value shall not apply:

1. Where there are trading examples of assets bearing the identity or similarity with the relevant assets (excluding stocks, etc. of stock-listed corporations) within three months before and after the date of transfer or acquisition respectively, such value;

2. Where there exist the appraisal values which are appraised by two or more certified public appraisal corporations on the relevant assets (excluding stocks, etc.) within three months before and after the date of transfer or acquisition respectively, and deemed to bear credibility (limited to those whose standard date of appraisal is within three months before and after the date of transfer or acquisition respectively), the average value of such appraisal

3. Acquisition price converted under paragraph (2); and

4. The standard market price.

Relevant statutes

(1) The former Income Tax Act (Amended by Act No. 13426, Jul. 24, 2015)

Article 89 (Non-Taxable Capital Gains)

(1) Income tax on capital gains (hereinafter referred to as "capital gains tax") shall be imposed on the following income:

subsection (b) of this section.

3. Any of the following houses (value higher than the standard prescribed by Presidential Decree):

House shall be excluded) and the appurtenant land, the area of which the building is fixed, shall be determined by Presidential Decree for each region.

(1) The transfer of land (hereafter referred to as "land annexed to a house" in this Article) within the area calculated by multiplying the ratio by the size;

Income accruing from the income;

(a) One house for one household prescribed by Presidential Decree;

Article 99 (Computation of Standard Market Price)

(1) The guidelines under Article 96 (2), the proviso to Article 97 (1) 1 (a), Articles 100 and 114 (7).

A. The following shall apply to a family:

1. Land or buildings under Article 94 (1) 1:

(a) Individual officially assessed land price under the Public Notice of Values and Appraisal of Real Estate Act (hereinafter referred to as "individual assessed land price");

Land price is called land price: Provided, That the value of land without a publicly assessed individual land price shall be similar in neighborhood to the head of tax office having jurisdiction over

amount assessed by the method prescribed by Presidential Decree in consideration of the officially assessed individual land price of the land;

In cases of areas prescribed by Presidential Decree, where the price sharply rise, assessment shall be made according to the multiple factors.

at the same value.

(b) The price, structure, use, location, and new construction of a building (excluding the buildings falling under items (c) and (d));

The value calculated and publicly announced by the Commissioner of the National Tax Service at least once a year in consideration of year

(c) Land annexed to an officetel and commercial building is owned jointly and partitionedly owned by a building;

The office prescribed by Presidential Decree in consideration of the purpose and area of the building, the number of buildings under divided ownership, etc.

The type, size, transaction status and location of a building (including land annexed thereto) for a tele and commercial building;

The value calculated and publicly announced by the Commissioner of the National Tax Service at least once a year in consideration of land and buildings;

(d) Individual housing prices and apartment houses under the Public Notice of Values and Appraisal of Real Estate Act;

(ze) Provided, That in the case of multi-family housing prices, the Commissioner of the National Tax Service shall determine and publicly notify pursuant to the proviso to Article 17

When the apartment price exists, the price shall be followed, and the house without the individual house price and the apartment price.

The head of tax office having jurisdiction over the place of tax payment shall consider the individual housing price and apartment price in neighboring similar houses

amount appraised by the method prescribed by Presidential Decree.

§ 100. Calculation of gains on transfer)

(1) In calculating gains on transfer, the transfer value shall be the actual transaction value (the value under Article 96 (3) and Article 114).

Where the transaction example or appraisal value is applied pursuant to paragraph (7), it shall include the transaction example value, appraisal value, etc.

The acquisition price shall also be based on the actual transaction price (value under Article 97 (7) and Article 114 (7)).

D. Where the transaction example value, appraisal value and conversion value are applied, the transaction example value, appraisal value, conversion value, etc.

Pursuant to the standard market price, the acquisition value shall also be based on the standard market price when the transfer value is based on the standard market price.

(2) In applying paragraph (1), where the transfer or acquisition value is calculated based on the actual transaction price:

Where land, buildings, etc. are acquired or transferred together, they shall be separated and entered, and land and buildings;

Where the classification is unclear, the Presidential Decree shall consider the standard market price at the time of acquisition or transfer.

common acquisition value and transfer expenses shall be calculated in accordance with the manner prescribed by the Presidential Decree. In this case, the common acquisition value and transfer expenses shall be

shall be calculated in proportion to the value.

(1) The former Enforcement Decree of the Income Tax Act (amended by Presidential Decree No. 26600, Oct. 23, 2015)

§ 154. Scope of one house for one household

(3) When applying Article 89 (1) 3 of the Act, a building is combined with a house and a part other than the house.

(1) In cases where a building, other than a house, exists, the entire building shall be deemed housing.

only if the total floor area of a house is less than or equal to the total floor area of a part other than a house, the part other than a house shall be a house.

shall not be considered as such.

(4) In cases falling under the proviso to paragraph (3), land appurtenant to a house shall be the total floor area of the building in total land area.

shall be calculated by multiplying the percentage taken place in the section.

Article 166 (Calculation, etc. of Gains on Transfer)

(6) In applying Article 100 (2) of the Act, where the distinction between the value of land and buildings, etc. is obscure.

The calculation method shall be calculated in accordance with Article 64 of the Enforcement Decree of the Value-Added Tax Act.

(1) The former Enforcement Decree of the Value-Added Tax Act (amended by Presidential Decree No. 26600, Oct. 23, 2015)

Article 64 (Calculation of Value of Supply of Buildings, etc. in Cases of Joint Supply of Land, Buildings, etc.)

Pursuant to the proviso to Article 29 (9) of the Act, the value of land and buildings or structures in the actual transaction price (hereafter in this Article)

Where the classification of values of buildings, etc. is unclear, etc. in accordance with the following classification:

The value of supply shall be the sum of the amounts calculated.

1. The standard market price under Article 99 of the Income Tax Act (hereafter in this Article, referred to as the "standard market price");

(2) If there is all: A distribution system in proportion to the value calculated according to the standard market price as of the date of the supply contract;

2. Amount calculated in advance: The appraised value [the time of supply under Article 28 (the time of interim payment or the long-term installment sale];

(i) the time of supply beginning in the immediately preceding taxable period to which the date of supply belongs;

By the end of the three-year period, an appraisal under subparagraph 9 of Article 2 of the Public Notice of Values and Appraisal of Real Estate Act;

Where an appraisal business operator has any appraisal value (referring to the appraisal value assessed by the appraisal business operator; hereafter the same shall apply in this Article), the

shall be the amount calculated in proportion to the proportional distribution.