(1) In cases of a joint business, from which business income is generated, is jointly conducted and the profits and losses thereof are distributed (including a joint business in which there are joint business entities prescribed by Presidential Decree (hereinafter referred to as "joint investment business entities") who do not participate in management but make investment only), the amount of income shall be calculated by place of joint business considering a place where the relevant business is managed (hereinafter referred to as "place of joint business") as one resident.
(2) Income generated from a joint business pursuant to paragraph (1) shall be distributed to each joint business entity according to the amount of income distributed or to be distributed by the profit-and-loss distribution ratio (where the agreed profit-and-loss distribution ratio not available, referring to the ratio of shares; hereinafter referred to as "profit-and-loss distribution ratio") agreed among the respective residents conducting the relevant joint business (including joint investment business entities; hereinafter referred to as "joint business entities").
(3) Where one resident and his/her related person prescribed by Presidential Decree are included in joint business entities, and where there are reasons prescribed by Presidential Decree, such as a false determination of the profit-and-loss distribution ratio, notwithstanding paragraph (2), the amount of income of such related person shall be deemed the amount of income of a joint business entity whose profit-and-loss distribution ratio is larger (where the profit-and-loss distribution ratio is the same with each other, referring to a person prescribed by Presidential Decree; hereinafter referred to as "major joint business entity"). <Amended by Act No. 11146, Jan. 1, 2012>[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]