IRS has conducted a tax audit on those who have not paid taxes properly and handed over their property to their children through expedient methods and tricks.
We inherited wealth by passing the land in Gangnam, Seoul for half the price, or by passing the company stock.
Reporter Hwa Gang-yoon covered it.
Mr. A, the owner, sold tens of billions of won worth of land in Gangnam, Seoul at half price to a company that turned his children in their 20s to 30s into major shareholders by handing over his company stock.
Mr. A did not pay the transfer tax, saying he sold it for less than the price he bought, and his children pretended to be buying and selling to avoid the gift tax.
The children developed this land and earned market profits of tens of billions of won.
Mr. B, the owner of a construction company, handed over the stock of his developer to his grandchildren of elementary school students and started a new apartment construction project through the company.
With the company-wide support, the apartment sale was successful, and the elementary school student's company made a lot of money.
The IRS has entered into a tax audit on 30 suspected tax evasion suspects and their families who inherited their wealth through this expedient method.
Looking at the rate of asset growth of the four-year-old generation and the generation of their children, the rate of asset growth of the child's generation, who was inherited by an anomalous technique, surpassed that of the parent's generation, and in particular, real estate assets more than doubled in four years.
[Roh Jeong-seok / Director of Investigation Bureau of the National Tax Service: The total amount related to unfair real estate transactions by the subject of this investigation amounted to 140 billion won... .] The
company is difficult, but the owner of the company, who received a large amount of remuneration worth 2 billion won or raised a salary shortly before retirement, raised tens of billions of won in retirement allowances was also the subject of the investigation.
The National Tax Service said that it is a Supreme Court precedent that excessive severance pay given to the family members constitutes corporate tax evasion.
(Video coverage: Kim Min-cheol, Video editing: Kim Jin-won)