PART 1 CORPORATE TAX LAW

Chapter 01 General Introduction to Corporate Tax Law
1. Corporate tax payers and taxable entities 2.
2 Fiscal Year 3
3 Tax payment area 5
4 Tax Adjustment 6
5 Income Disposition 7
True or False Question 10

Chapter 02 Timing of Profit and Loss and Valuation of Assets and Liabilities
1. Timing of profit and loss attribution 18
2 Determining the Acquisition Price of Assets 21
3 Valuation of Assets and Liabilities 24
True or False Question 28

Chapter 03 Profit
1. Profit item 36
2 Non-deductible items 36
3 Deemed rent for rental deposits, etc. 37
4 Agenda allocation 38
5. Double Taxation Adjustment for Dividend Income 40
True or False Question 44

Chapter 04 General Palm Reading
1 General Handwriting Items 52
2 Non-deductible items 54
3. Principles of Expense Allocation and Burden of Proof 55
4 Taxes, utility charges, fines, etc. 56
5 Labor costs 57
6 Corporate business promotion expenses 58
7 Donations 61
8 Interest paid 64
True or False Question 66

Chapter 05 Depreciation
1 Depreciation expense 80
2 Special provisions for non-deduction of expenses related to business-use passenger vehicles, etc. 85
True or False Question 88

Chapter 06 Reserves and Reserve Funds
Section 1 Bad Debt and Bad Debt Reserve 94
1. Understanding the supplementary method and gross method of accounting for bad debts and allowances for bad debts 94
2 Bad debts and allowance for bad debts 95
Section 2: Retirement Benefit Reserves and Retirement Pension Reserves 97
1. Severance pay reserve fund 97
2 Retirement Pension Fund 101
T-Account Analysis of Boron/Severance Benefit Reserves 102
T-Account Analysis of Boron/Pension Reserves 108
Section 3 Temporary Depreciation Reserve (Compressor Reserve) 110
Section 4 Reserve Fund 110
1. Special purpose business reserve fund 110
2 Liability Reserve 111
3 Emergency Risk Reserve Fund 111
4. Cancellation and refund reserve fund 112
True or False Question 114

Chapter 07 Denial of Unfair Act Calculation
1 Denial of Unfair Act Calculation General 120
2nd installment payment interest 122
3 Unfair Capital Transactions 123
True or False Question 124

Chapter 08 Taxable Standards and Tax Payment
1 Tax base and calculated tax amount 130
2. Corporate tax on land transfer income, etc. 133
3. Corporate tax on unrepatriated income 134
4 Tax Reductions and Tax Credits 137
5 Minimum tax 142
True or False Question 144

Chapter 09 Corporate Tax Payment Procedures
1. Prepaid tax amount 154
2. Surtax 155
3 Corporate Tax Reporting, Payment, Determination, and Correction 158
4. Corporate Integrity Reporting Confirmation System 160
5 Other corporate taxes 161
6. Special tax exemption for corporate tax on the income of each fiscal year of corporate tax trust property 165
7. Consolidated Tax System 166
True or False Question 170

Chapter 10 Mergers and Divisions
1 Merger 184
2nd division 188
True or False Question 190

PART 2 Income Tax Law

Chapter 01 General Income Tax Law 2
True or False Question 8

Chapter 02 Interest Income and Dividend Income
1. Scope of interest income 14
2 Timing of Interest Income 15
3 Scope of Dividend Income 16
4. Notes on Profits and Dividends from Collective Investment Schemes 17
5. Timing of receiving dividend income 18
6 Comprehensive Taxation on Financial Income 19
True or False Question 24

Chapter 03 Business Income
1 Principle Scope 30
2 Total income related to real estate rental business 31
3 Comparison with the income items under the Corporate Tax Act 33
4 Comparison with deductible items under the Corporate Tax Act 34
5 Other Tax Issues Related to Business Income 39
6 Standard Deposit Ratio System 41
True or False Question 42

Chapter 04 Employment, Pension, and Other Income
1. Earned income 48
2 Pension income 54
Understanding the Taxation System for Withdrawals from Boron/Pension Accounts 56
3 Other income 59
True or False Question 66

Chapter 05 Special Cases in Income Calculation
1 Denial of Unfair Act Accounting 76
2 Special Cases for Calculating Income Amounts for Joint Businesses, etc. 76
3 Deficit and Deficit Carryforward 77
4 Other special provisions for calculating income amount 78
True or False Question 80

Chapter 06 Calculation of Comprehensive Income Tax Base
1. Personal deduction 84
2 Special Income Deduction 86
3 Other deductions 86
4. Income deduction for credit card usage, etc. 87
5 Other Matters Related to Comprehensive Income Deduction 89
True or False Question 90

Chapter 07 Calculation of Comprehensive and Retirement Income Tax
1 Calculation of the tax amount 94
2 Tax deduction under the Income Tax Act 96
3 Key Details of Tax Deductions by Item 98
4 Tax deduction under the Special Tax Exceptions and Restrictions Act 102
5 Basic Retirement Income Tax Rules 104
6 Executive Severance Pay under the Income Tax Act 105
7 Calculation Structure of Retirement Income Tax 106
8 Tax Settlement on Retirement Income 106
True or False Question 108

Chapter 08 Comprehensive and Retirement Income Tax Payment Procedures
1. Surtax 116
2. Prepaid tax amount 118
3 Tax Base Determination Report and Payment 122
4 Decisions and Corrections 123
5. Submission of Confirmation of Honest Reporting System 123
True or False Question 126

Chapter 09 Calculation and Payment Procedures for Capital Gains Tax
1. The Concept of Transfer Income and the Scope of Transfer 134
2. Assets subject to capital gains tax 134
3 Tax-exempt capital gains 136
4. Time of acquisition/transfer 141
5 Calculation of transfer price and acquisition price 142
6. Necessary expenses 145
7 Long-term Holding Special Deduction 146
8 Deduction of transfer loss 147
9 Basic deduction for capital gains 147
10 Special Cases for Calculating Transfer Income Amounts 148
11 Calculation of Capital Gains Tax and Tax Payment Procedures 150
True or False Question 154

Chapter 10 Other Matters of the Income Tax Act
1 Income Tax for Non-Residents 166
2. Capital gains tax on foreign assets 167
3 Tax exemption for domestic stocks, etc. upon departure of a resident 168
True or False Question 172

PART 3 Value Added Tax Act

Chapter 01 General Introduction to Value Added Tax Law
1. Characteristics of Korea's current value-added tax system 2.
2 Basics of Value Added Tax 2
3. Obligation to pay value-added tax on trust property under the Trust Act 6.
True or False Question 8

Chapter 02 Taxable Transactions, Small Business Tax Rates, and Tax Exemptions
1. Subject to value-added tax 16
2 Supply period 20
3 Supply location 23
4. Small business tax rate system 23
5-year-old 26
True or False Question 30

Chapter 03 Calculation of taxable income and sales tax
1 Tax base for general cases 44
2 Supply price for the supply of goods 46
3 Special Cases for Calculating Real Estate-Related Tax Bases 46
4. Deduction of great-grandchild tax 48
5 Tax Invoice 48
True or False Question 56

Chapter 04 Calculation of Purchase Tax
1. General purchase tax deduction amount 64
2 Agenda purchase tax amount 66
3 Common purchase tax amount 69
4 Tax base for supply of common goods 69
5 Recalculation of tax payment/refund amount 70
6 Taxable conversion purchase tax amount 70
True or False Question 72

Chapter 05 Value-Added Tax Payment Procedures
1 Tax reduction/deduction amount 78
2 Surcharge under the Value Added Tax Act 79
3. Proxy Payment System 82
4 Special provisions regarding service provision and business registration by foreign business operators providing electronic services 84
5 Special Payment Exceptions for Secondary Tax Obligations Related to Trusts, etc. 85
6. Preliminary Reporting and Payment 86
7 Confirmation of Report and Payment 87
8 Refund 87
9 Decisions and Corrections, Decisions and Collection of Ad Hoc Impositions 88
10 Deferral of payment on import of goods 90
11 Submission of data by sales agents, etc. 91
True or False Question 92

Chapter 06 Simplified Taxation System
1. Scope of simplified taxpayers 100
2 Simple Cells 101
3 Tax Base and Tax Calculation for Simplified Taxpayers 101
4 Reporting and Payment, Decision/Correction, and Collection 104
5 Change in tax type 105
6 Special Cases for Tax Calculation When Tax Type Changes 106
True or False Question 108

PART 4 ​​National Tax Basic Act

Chapter 01 General Provisions of the National Tax Basic Act
1. General Provisions of the National Tax Basic Act 2
2 Period and deadline 3
3 Delivery of documents 4
4 Non-incorporated organizations 6
5 National Tax Imposition Principles 6
6 Tax Law Application Principle 7
7. Rule 8
True or False Question 12

Chapter 02 Tax obligations, taxation, and refunds
1. Establishment of tax obligation 24
2 Tax obligation confirmation 25
3 Extinction of Tax Liability 26
4. Amendment Report, Correction Request, and Late Report 29
5 Surtax 31
6 Tax refund 36
7 Jurisdictional Office 38
True or False Question 40

Chapter 03 Preservation of Tax Claims
1. Succession of Tax Liability 52
2. Joint Tax Obligation 53
3 Second Tax Obligation 54
4 National Tax Priority 55
5. Mortgage holder's property tax obligation 58
6. Request for cancellation of false mortgage 58
True or False Question 60

Chapter 04 Tax Appeal System and Taxpayer Rights
1 Appeal 66
2 Tax Tribunal 72
3 Taxpayer Rights 76
4 Pre-taxation review 86
True or False Question 88

PART 5 Inheritance Tax and Gift Tax Law

Chapter 01 Inheritance Tax
Types and taxation methods for gratuitous transfers of part 1 2
Taxation system for gratuitous transfer of part 2
3 Meaning of Terms 2
4 Taxation Methods for Inheritance Tax and Gift Tax 3
5. Subjects of inheritance tax 4
6 Inheritance tax payer 4
7 Jurisdictional Office 4
8 Inheritance Tax Calculation Structure 5
9 Calculation of inheritance tax amount 5
10 Calculation of Inheritance Tax Base 8
11. Inheritance deduction limits and minimum taxation 12.
12 Calculation of inheritance tax 12
13 Deadline for reporting and determining tax base 14
14 Payment of reported tax 14
15 Decision/Correction 20
True or False Question 22

Chapter 02 Gift Tax
1. Gift Tax Method - Complete Comprehensive Principle 28
2. Subject to gift tax 28
3. Gift tax payment obligation 29
4 Jurisdictional Office 30
5 Gift Tax Calculation Structure 30
6 Calculating Gift Tax Amount 31
7 Calculation of Gift Tax Base 34
8 Calculation of Gift Tax Amount 35
9 Special Cases of Gift Issues 36
True or False Question 44

Chapter 03 Valuation of Inherited and Gifted Property
1. Principle of Evaluation - Principles of Market Valuation 50
2 Supplementary Valuation Methods - When Market Price Cannot Be Determined 51
True or False Question 56

PART 6 National Tax Collection Act

Chapter 01 General Provisions and Supplementary Provisions of the National Tax Collection Act
1 General Provisions of the National Tax Collection Act 2
2. Supplementary Provisions - Indirect Compulsory System for Tax Collection 3
True or False Question 10

Chapter 02 Arbitrary Collection Procedures
1 Report and Payment 14
2 Payment Notice 14
3 Poison 15
4 Collection before the due date 15
5 Payment Methods 16
6. Entrustment of factual acts related to collection of arrears 17
7 Extension of payment deadline and postponement of payment notice 18
8 Extension of designated payment deadline, etc. due to delay in delivery 20
9 Tax Security 20
True or False Question 22

Chapter 03 Compulsory Collection Procedures
Section 1 General Rule 30
Section 2 Seizure 31
1. Requirements and Procedures for Seizure 31
2. Assets subject to seizure and restrictions on seizure 33
3 Effects and procedures of seizure, etc. 34
4 Release of seizure 37
5. Request for delivery and attachment 39
Section 3 Sale of Seized Property 40
1 General Rule 40
2 Preparation for the auction 42
3. Implementation of public auction 44
4 Payment of purchase price and transfer of rights 47
Section 4 Liquidation 47
Section 5. Postponement of Seizure and Sale 50
True or False Question 52

PART 7 OTHER TAX LAWS

Chapter 01 Law on International Tax Adjustment
Section 1 General Provisions of the International Tax Adjustment Act 2
1. Purpose of the Act on International Tax Adjustment and Relationship with Other Laws, etc. 2.
2 Glossary of Terms 3
3. Actual Taxation of International Transactions 5.
Section 2 Tax Adjustment for Transactions with Foreign Special Related Parties 5
1 Tax adjustment based on the regular price 5
2 Income Disposition and Tax Adjustment According to Income Amount Adjustment 7
3. Pre-approval of the normal price calculation method 10
4 Obligation to submit data for international transactions 11
5 Special Cases for the Application of Surtax 13
6 Adjustment of the normal price of national tax and the taxable price of customs duty 13
Section 3 Tax Adjustment for Interest Paid to Foreign Controlling Shareholders, etc. 15
1. Exclusion of interest paid on excessive borrowings from deductions compared to the investment amount 15
2. Exclusion of Excessive Interest Paid Compared to Income from Deductions 16
3. Exclusion of interest payments from hybrid financial product transactions from deductible expenses 17
4. Order of application of interest payment deduction 18
Section 4. Combined Taxation on Retained Income of Specific Foreign Corporations 19
Section 5 Taxation Special Provisions Regarding Income attributable to Overseas Penetrating Organizations 25
Section 6 Special Taxation Provisions for Gift Tax on Overseas Donations 27
Section 7 Tax Cooperation Between Countries 28
Section 8 Mutual Agreement Procedure 31
1. Initiation of the Mutual Agreement Procedure 31
2 Special cases for application of extension of payment deadline, etc. 34
3 Special provisions regarding the period for filing an objection and the period for refusal to impose a penalty 35
Section 9 Reporting and Submission of Information on Overseas Assets 35
1 Reporting of Overseas Financial Accounts 35
2 Submission of data on overseas local corporations, etc. 38
Section 10 Penalties 41
Section 11 Global Minimum Tax 45
True or False Question 54

Chapter 02 Tax Evasion Punishment Act and Tax Evasion Punishment Procedure Act
Section 1 Tax Evasion Punishment Act Article 68
Section 2. Punishment Procedures for Tax Offenders 75
True or False Questions 78 64

This textbook is the final summary for preparing for the first CPA and CPA exams.


The features of this textbook are as follows:

first,

The text has been organized so that you can systematically organize the key content that will be tested on the first exam in a short period of time.
It covers the core content of all tax items tested on the first exams for certified public accountants and tax accountants, including corporate tax, income tax, value-added tax, the National Tax Basic Act, the Inheritance Tax and Gift Tax Act, the National Tax Collection Act, the International Tax Adjustment Act, and the Tax Evasion Punishment Act.

Second,

By keeping the unit structure identical to that of the book I wrote, '1500 Objective Tax Law Questions', I have edited it so that you can accurately check your own learning performance for each unit by organizing the key content and solving objective questions in parallel.

Third,

After summarizing the key points of each chapter, true or false questions are included for each chapter so that you can immediately check the summarized content.
This true or false question is a comprehensive compilation of questions and essential concepts that have appeared in the first round of the Certified Public Accountant and Tax Accountant exams and the civil service exam, and has been reorganized to reflect the exam trends, allowing you to check your skills and improve your weaknesses right before the exam.

Fourth,

We have taken every precaution to ensure smooth preparation for the exam by fully reflecting the revised tax laws and enforcement ordinances of 2025.
The revised parts of the law are marked as revisions, and the revised enforcement ordinance (draft) is marked as enforcement ordinance draft, so that the revised parts can be checked immediately.

I firmly believe that this textbook and my lectures will be of great help to students preparing for the first CPA and CPA exams.

I wish all test takers success in their exams.