Corporate Tax Act — Article 78 (Special provisions on taxation on liquidation income accruing from restructuring of corporation)

Where a domestic corporation falls under any of the following cases, no corporate tax shall be imposed on its liquidation income:

1. Where a domestic corporation restructures as prescribed in the Commercial Act;

2. Where a corporation established under any special Act restructures to a company as defined in the Commercial Act upon the amendment or repeal of the special Act;

3. Cases prescribed by Presidential Decree where a domestic corporation restructures under any other statute.[This Article Wholly Amended on Dec. 30, 2010]