1. Revocation of a judgment of the first instance;

2. All plaintiffs' claims are dismissed.

3. The plaintiffs' total costs of litigation.

1. The court's explanation concerning this part of the grounds for the decision of the court of first instance is identical to the corresponding part of the grounds for the decision of the court of first instance (section 8 (2) of the Administrative Litigation Act and the main sentence of Article 420 of the Civil Procedure Act.

(hereinafter the meaning of the terms used in this case is the same as that of the first instance judgment). 2. Whether the disposition of this case is lawful or not

A. 1) Parties’ assertion 1) The former Income Tax Act (amended by Act No. 9897, Dec. 31, 2009; hereinafter “former Income Tax Act”) asserted by the Plaintiffs

(2) The Plaintiff’s transfer of securities depository receipts by the Defendants constitutes a transfer of “stocks or equity shares,” which are subject to capital gains tax as provided in Article 118-2 subparag. 3 of the former Income Tax Act, and thus, constitutes a transfer of “stocks or equity shares,” which is subject to capital gains tax as provided in Article 118-2 subparag. 3 of the former Income Tax Act, and thus, the instant disposition on gains from the transfer is lawful. Even if the securities depository receipts are not included in “stocks or equity shares” as provided in Article 118-2 subparag. 3 of the former Income Tax Act, the Plaintiff’s transfer of securities depository receipts in this case should be deemed as the transfer of the securities depository receipts in this case and thus, the instant disposition is lawful.

(b) The details of the relevant statutes are as shown in the attached statutes.

C. 1) The significance and type of securities depository receipts are as follows: (a) when an enterprise intends to issue stocks overseas and raise funds; (b) when it issues stock certificates, as in Korea, pursuant to the trade customs between countries, legal system, and language differences; and (c) thus, the stock certificates are share certificates with a view to facilitating the raising of funds by eliminating such inconvenience and enhancing circulation.