None of the following amounts shall be included in the gross income for the purpose of calculating the amount of income of a domestic corporation for each business year: <Amended on Dec. 31, 2011; Jan. 1, 2014; Dec. 24, 2018; Dec. 31, 2019; Dec. 31, 2022; Dec. 31, 2023>
1. Profits from the evaluation of assets; provided, profits from the evaluation referred to in each subparagraph of Article 42 (1) shall be excluded herefrom;
2. The income on which tax is already imposed for each business year (including non-taxable or exempted income under this Act or other statutes);
3. An amount refunded or refundable, out of the corporate tax or local corporate income tax not included in deductible expenses under subparagraph 1 of Article 21, but set off against other taxes;
4. Interest on the refund of overpaid or erroneously-paid national or local taxes;
5. Output tax of value-added tax;
6. An amount appropriated for covering carried forward losses prescribed by Presidential Decree among the value of assets gratuitously acquired (excluding national subsidies under Article 36), and the amount of reduced debt due to exemption from or expiration of debts;
7. An amount paid or payable by a consolidated subsidiary corporation or consolidated parent corporation under Article 76-19 (2) or (3);
8. Dividends (limited to the book value of stocks held by a domestic corporation) received by deducting the capital reserve under Article 461-2 of the Commercial Act; provided, the dividends received by reducing the capital reserves specified in any of the following items shall be excluded.(a) Capital reserve funds not specified in Article 16 (1) 2 (a);(b) The amount (limited to the amount prescribed by Presidential Decree) equivalent to the revaluation reserve fund under Article 16 (1) 2 (b) of the merged corporation among the gains on merger under Article 17 (1) 5 following a qualified merger under Article 44 (2) or (3).(c) The amount (limited to the amount prescribed by Presidential Decree) equivalent to the revaluation reserve fund under Article 16 (1) 2 (b) of the divided corporation among the gains on division under Article 17 (1) 6 following an eligible division under Article 46 (2).[This Article Wholly Amended on Dec. 30, 2010]