Where land purchased before a specific area announcement is transferred after such announcement, the method of calculating gains;

If the plaintiff purchased the land of this case before it was announced as a specific area ( March 8, 1983), and sold it on September 3, 1987 thereafter, in calculating the transfer margin, the transfer value shall be the value based on the ratio under Article 115 (1) 1 (a) of the Enforcement Decree of the Income Tax Act (amended by Presidential Decree No. 12767 of Aug. 1, 1989) and the acquisition value shall be the value based on the conversion method under Article 115 (3) of the Enforcement Decree of the same Act.

Articles 23, 45, and 60 of the Income Tax Act; Article 115 of the former Enforcement Decree of the Income Tax Act (amended by the Presidential Decree No. 12767 of August 1, 1989)

[Plaintiff-Appellant] Plaintiff 1 and 2 others (Law Firm Gyeong, Attorneys Park Jae-soo et al., Counsel for plaintiff-appellant)

Madsan Industries

Head of the tax office;

Seoul High Court Decision 88Gu9055 delivered on December 9, 1988

The appeal is dismissed.

The costs of appeal are assessed against the plaintiff.

The grounds of appeal are examined.

The court below held that the transfer value of the land of this case shall be the value based on the rate under Article 115 (1) 1 (a) of the Enforcement Decree of the Income Tax Act (amended by the Presidential Decree No. 12767 of Aug. 1, 1989) and the acquisition value shall be the value based on the conversion method under Article 115 (3) of the Enforcement Decree of the same Act in calculating the transfer margin of the land of this case after purchasing the land of this case before the plaintiff was announced as a specific area (amended by March 8, 1983) and then selling it on September 3, 1987, and that the transfer value shall be the value based on the conversion method under Article 115 (1) 1 (a) of the Enforcement Decree of the Income Tax Act (amended by the Presidential Decree No. 12767 of Aug. 1

Therefore, the appeal is dismissed, 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.

Justices Lee Jong-soo (Presiding Justice) Lee Chang-soo Kim Jong-won