(1) Corporate tax shall be imposed on the following income of a domestic corporation; provided, it shall be limited to the income specified in subparagraphs 1 and 3 in cases of non-profit domestic corporations:
1. Income for each business year;
2. Liquidation income;
3. Capital gains from the transfer of land, etc. referred to in Article 55-2.
(2) In applying paragraph (1) 1, the income of a consolidated corporation for each business year means the income for each consolidated business year referred to in Article 76-14 (1).
(3) In applying paragraph (1) 1, the income of a non-profit domestic corporation for each business year shall be limited to the income accruing from any of the following business or revenues (hereinafter referred to as "profit-making business"):
1. Business specified by Presidential Decree among business engaging in manufacturing, construction, wholesale, retail sales, repair of consumer products, real estate, rental, or business services;
2. Interest income as prescribed in Article 16 (1) of the Income Tax Act;
3. Dividend income as prescribed in Article 17 (1) of the Income Tax Act;
4. Revenues accruing from the transfer of stocks, preemptive right to new stocks, or investment shares;
5. Revenues accruing from the disposal of tangible and intangible assets; provided, the revenues specified by Presidential Decree, among revenues accruing from the disposal of assets directly used for essential business activities, shall be excluded;
6. Revenues accruing from the transfer of assets prescribed in Article 94 (1) 2 and 4 of the Income Tax Act;
7. Revenues prescribed by Presidential Decree, which accrues from continuing activities be paid, other than those referred to in subparagraphs 1 through 6.
(4) Corporate tax shall be imposed on the following income of a foreign corporation:
1. Income accrued from domestic sources for each business year;
2. Capital gains from the transfer of land, etc. referred to in Article 95-2.
(5) In applying paragraph (4) 1, income accrued from domestic sources of a non-profit foreign corporation for each business year shall be limited to the income accruing from profit-making business.[This Article Wholly Amended on Dec. 24, 2018][Moved from Article 3, Previous Article 4 is Deleted. <Dec. 24, 2018>]