상속세 및 증여세법 상의 재산 평가원칙과 그 쟁점 등에 관한 연구 - 비상장주식의 평가를 중심으로 -

Abstract

Inheritance Tax and Gift Tax declare the 『Principle of Valuation at Market Price』as principle of property valuation. In the event that the market price is unknown, the valuation is performed by supplementary method of valuation and the laws stipulate detailed provision of valuation for each individual property. However, in the most of unlisted stock transactions, the market price is mostly unknown, since the transaction goes only between the parties having special interest and moreover the actual case of transaction is rare. In the result, people rely mostly on the easy method of supplementary valuation rather than finding market price in the valuation of unlisted stock for the reason that the market price is not easily findable. The supplementary valuation, which must be recognized as an exception, works as a general method of valuation particularly in the valuation of unlisted stocks. The method of supplementary valuation employs the net loss/profit value together with the method of net assets value, however, the current value of unlisted stock is being greatly distorted in the result of verification by accounting valuation of FO95 model which is empirical and analytical model. In addition, the supplementary valuation overlaps excess operating profit and ignores the valuation of good will. The method of valuation under the fixed tax laws is unable to reflect the economic situation or business reality correctly, therefore, the diversification of valuation method is imminent. Accordingly, the tax laws stipulate only general principles of valuation rather than providing the method of property valuation, and it is suggested to mandate the method of valuation to the provision of instructions or orders of National Tax Service. This paper intends to suggest various method of improvement on the premises that the valuation of property may greatly affect to the burden of tax payers, and that more diversified method of property valuation will create to access to the real value more closely. And this paper also attempts to suggest the maintenance of balance between proper exercise of taxation right by authority and the protection of right for the taxpayer from the authority concerned.