상속세 및 증여세법상 경영권 프리미엄 관련 시가인정에 대한 연구

Abstract

Recently, interest in the evaluation of controls premiums is increasing as the Supreme Court precedents for judging the criminal responsibility of executives who conduct anomalous trading using stocks and whether the control premiums are included in stocks of special－related persons. The purpose of this study is to examine the rational taxation by reviewing on the recognition of market value related to control premiums. In order to do this, the statute, and precedent study were examined and the following conclusions were drawn. First, when listed stocks are transferred to non－special－related persons through over－the－counter transactions or over－the－counter mass transactions, the transaction value should be recognized as the normal value for legitimate reason in the practice of the transaction. Second, the value of the supplementary valuation method should be improved by the weighted average the net asset value and the net profit value adding the premium. Third, when a credit rating agency evaluates unlisted stocks in an objective and reasonable manner, the value of the unlisted stock should be recognized as the market value. Fourth, for unlisted stocks and control premiums, it is necessary to reflect the factors of discounts and surcharges based on the weighted average cost of capital of issuers. Fifth, in the case of transferring a small amount of shares not owned by the largest shareholder to a person other than a related party, it is not reasonable to apply the premium evaluation because the control right has not been transferred. Sixth, the control premium of stocks held by related parties should be taxed at the time of acquiring management rights, not transferring stocks. This study suggests that the premiums that may arise in the process of transferring stocks containing control reflect the objective exchange value and become the real taxation principle and the fair tax burden, and hope that the results will contribute to the legal supplementation.