(1) A non-profit corporation that operates any profit-making business shall keep separate accounting of assets, liabilities, and profits and losses related to such profit-making business from the accounting of those related to business, other than such profit-making business.
(2) A corporation subject to the application of the Financial Investment Services and Capital Markets Act shall keep separate accounting of the income accruing from the trust estates and other income for the purpose of calculating the amount of income for each business year.
(3) A corporation which merges with another domestic corporation shall keep separate accounting of the assets, liabilities, and profits and losses related to the business succeeded to from a merged corporation from those related to other business for any of the following periods; provided, as for a merger made between small and medium enterprises or between corporations engaged in the same business, separate accounting need not be kept: <Amended on Dec. 31, 2011; Jan. 1, 2013; Dec. 24, 2018>
1. Where a corporation has losses in Article 13 (1) 1 as at the registration date of merger, or a corporation intends to deduct losses carried forward of the merged corporation under Article 45 (2): The period during which such losses or losses carried forward are deducted;
2. In other cases: Five years after the merger.
(4) In the case of a division and merger of a domestic corporation, a corporation established through the division, etc. shall keep separate accounting of the assets, liabilities, and profits and losses related to the business succeeded to from the divided corporation, etc. and those related to other business for any of the following periods; provided, as for a division and merger made between small and medium enterprises or between corporations engaged in the same business, separate accounting need not be kept: <Amended on Dec. 31, 2011; Jan. 1, 2013; Dec. 24, 2018>
1. Where a corporation intends to deduct losses carried forward of a divided corporation, etc. under Article 46-4 (2): The period during which such losses carried forward are deducted;
2. In other cases: Five years after division.
(5) Where a consolidated parent corporation merges (including a division and merger in which the consolidated parent corporation is a counterpart corporation to the division and merger) with another domestic corporation (limited to a domestic corporation that is not a consolidated corporation as at the registration date of a merger), it shall keep the accounting of the assets, liabilities, and profits and losses related to the business succeeded to from the merged corporation (including the divided corporation) separately from those related to other business for either of the following periods; provided, in the case of a merger between small and medium-sized enterprises or between corporations engaged in the same business, accounting may not be separate:. <Amended on Dec. 31, 2011; Jan. 1, 2013; Dec. 31, 2023>
1. Where a corporation has losses referred to in Article 76-13 (1) 1 as at the registration date of the merger, or intends to deduct losses carried forward of a merged corporation under Article 76-13 (3) 2: The period eligible for the deduction of such losses or carried-forward losses;
2. In other cases: Five years after the merger.
(6) The trustee subject to corporate tax shall record the income that reverts to trust property in separate accounting for each corporate taxable trust property. <Added on Dec. 22, 2020>
(7) A domestic corporation that acquires a business of another domestic corporation falling under Article 50-2 shall, if it has losses prescribed in Article 13 (1) 1 as at the date of acquisition of the business, record the assets, liabilities, and profits and losses that belong to the business acquired from the transferor corporation and those that belong to other businesses in separate accounting during the period for which such losses are deducted; provided, where the acquisition of a business is made between small and medium enterprises or between corporations engaged in the same business, separate accounting may not be required. <Added on Dec. 21, 2021>
(8) Matters necessary for the method of keeping separate accounting, and for determining as to whether corporations are engaged in the same business under paragraphs (1) through (7), and other matters shall be prescribed by Presidential Decree. <Amended on Dec. 22, 2020; Dec. 21, 2021>[This Article Wholly Amended on Dec. 30, 2010]