조세심판례에 나타난 신종자본증권 사례 분석

Abstract

[Purpose]This study examines the accounting treatment of hybrid capital securities and the tax treatment of dividends through public disclosure data and tax trial precedents of case companies. [Methodology]This study summarizes the current status of case companies and tax trial precedents to achieve the purpose of the study, and reviews previous studies. Afterwards, based on the matters revealed in tax trial precedents, this study analyzes the accounting treatment using the financial statements of the case companies, and the tax treatment of the dividend. [Findings]First, I found that dividends can be paid through hybrid capital securities, although dividends can be paid only when dividends are available under the Commercial Act. Second, since dividends on hybrid securities are directly deducted from unappropriated retained earnings(unaddressed deficits), there was no impact on the statement of comprehensive income. Third, hybrid securities made the company appear to have a stable financial structure, but in reality, the size of assets was decreasing due to huge dividend payments every year, and when hybrid securities were reflected as liabilities, a poor financial structure was revealed. Fourth, the corporate tax law stipulates the weighted average borrowing rate and overdraft interest rate as the market price of the interest rate among the provisions on the denial of unfair act calculation. [Implications]The results of this study are meaningful in that they report that hybrid capital securities can be used for predatory purposes against superior companies. This provides practical implications for the careful analysis of hybrid securities, as well as policy implications in that it suggests the need for regulation on hybrid securities. In addition, it is meaningful in that it reconfirmed the problems arising from the ambiguity of the market price standard in the corporate tax law pointed out in previous studies.