무상주(無償株)의 과세상 논점

Abstract

The corporation issues bonus stock when it transfers surplus fund into the paid-in capital. There are arguments for and against whether to impose a tax on bonus stock. Pros argue that bonus stock has the same effect as cash dividend or stock distribution. On the other hand cons contend that bonus stock is similar to stock split and do not increase the wealth of stockholders. The Income Tax Law regulates stocks acquired by trnasferring profit surplus fund into the paid-in capital as a kind of dividend income. However, the income tax is not levied in principle when the corporation transfers capital reserve fund and revaluation reserve fund into the paid-in capital. The taxation on bonus stock of acquisition level can be justify because it considerably supplements the defect caused by exempting capital gains of quoted shares. Also in transference stage of bonus stock, how we should calculate acquisition price is controversial. The taxation authority interprets that acquisition price of bonus stock issued by trnsferring profit surplus fund into the paid-in capital is face value of the stock, but acquisition price of bonus stock issued by trnsferring capital reserve fund and revaluation reserve fund into the paid-in capital is zero because stockholders get bonus stocks for free. There is no regulation about acquisition price when it comes to transferring bonus stocks, so legislative supplement is needed.