1998. 12.
IMF. IMF,.. IMF.,,.,.....
..,...,,.. 1997 12
. 1. 4 1. 4 2. 6 3. 8. 10 1. 10 2. 11 3. 13. 15 1. 15 2. 17 3. 25 4. 31 5. 37 V. 43 1. 43 2. 44 3. 45 4. 49. 53 1. 53 2. 55 3. 57 4. 70. 72 1. 72
2. 74 3. 78. 89 1. 90 2. (Determining Partnership Status) 97 3. 98 4. 102. 104 1. 104 2. 108. 115 119 < 1> 122 < 2> 130 < 3> 133
< - 1> ( / / ) 16 < - 2> 16 < - 3> 17 < - 4> 19 < - 5> 22 < - 6> 23 < - 7> 24 < - 8> 25 < - 9> 27 < - 10> 29 < - 11> 30 < - 12> 34 < - 13> 36 < - 14> 39 < - 15> 40 < V- 1> () 50 < V- 2> 52 < - 1> 53 < - 2> 55 < - 3> 56 < - 4> 69 < - 1> 75 < - 2> 75 < - 1> 113 < - 2> 113 [ - 1] 8 [ - 2] 9 [ - 1] 12 [ - 1] 83
..,. 1)....,,.,.., 2). 1), :, IMF,, 1998. 2) 199727.7%, 61.7%. - 1 -
.,,,,....,.,.,.,.,.,., - 2 -
.,..,,.,.,,, V.,,. - 3 -
. 1. Subchapter K. 1945 (Proprietorship) (Partnership). 1947(T axation of Small Business), ( ). 1952,. 1958 (T echnical Amendment Act of 1958). ()., ( ). (A Separate Entity), (An Aggregate of the Interests of Partners). Subchapter K. Subchapter K, - 4 -
3).,... Subchapter K.,.. (Uniform Partnership Act: UPA).,.,.,,.., 3). ( ). (1998). - 5 -
. 4). Subchapter K. Subchapter K,.. 2. 1913 T he Revenue Act. (conduit, pipe).,.,... 4)., 705,.,. - 6 -
,,,,.,..,. 701702,.,.. 702..., (charitable contribution).. - 7 -
[ - 1] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (,,, ) ( ) 3. (Entity T heory).,..,,., 703... (Ordinary Income), (Bottom- line Income).. 707.. - 8 -
[ - 2] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (,,, ) (, ) - 9 -
. 1. 4. 2 6 13 1 5).., 6).,,,..,,,, 3. 7 10. 5) 11 1 2 ( ). 6) (Angel Capital). - 10 -
,.,,,. 2. [ - 1],,...,..,. 70%, 10%, 20%. 1 (General Partner) 1 (Limited Partner) 19161976 (Uniform Limited Partnership Act). - 11 -
[ - 1] ( ) (), () () () : 1, 1987.,,, 1989. - 12 -
3..,..,,.,..,..,,.,,..,....,. 7 2 3-13 -
.,.,...,,.,..,. 7) 7) 2 3% 20%. - 14 -
. 1. 1980 1980. 1987,, 1996 7 KOSDAQ 8),, CT I. 1997 2,000, 1,890 9). 10),, 11). 1997, 1996 1,500 1 1,153, 70,500. 8) 1987, 1996 3, KOSDAQ 7 KOSDAQ. 9), 1998 2 24. 10) 20% 10%, 5%, 50%,. 11),,,,,,. - 15 -
, 1.5%, 5%, 3%. < - 1> ( / / ) (:,, ) 1,500 93,860 960 1,152,591 157,811,108 171,460,909 70,500 2,171,890 1,070,659 1996, 1995..,, 1996 40.4% 2. R&D 11.0%20 3014.5%.. < - 2> (,, %) 5,163 1,681 178,605 49.1 23.1 1,115.3 40.4 15.9 22.3 14.5 4.6 9.8 18.8 27.2 20.8 R&D 11.0 0.42 2.57 1) 1995( 1996). 2) 159.. - 16 -
18.8%. 90%,. 159, 25.2%, 23.9%, 16.4%, 8.2%.,,,,,. < - 3> (%) S / W 8.2 23.9 25.2 5.7 7.5 6.9 16.4 6.3. 2.... ( ). < - 4> 1986, (). 1986 ( ) 1998 7 67 14. ( ), ( ), ( ), - 17 -
( ) 4. ( ) 12) 1991,. ( ) 13), ( ) 14), ( ) 15) 1996 1997.,,.,,,,,,,,,.,,.,,.., 90% 2 1 16) 12) 1981 ( ), 1992 3 1992 7 ( ). 13) 1974. ( ) ( ). 14), 1982 12. 15) 1984 11. 16).,,, ( 3 ). 1, 1. - 18 -
, 40%. 14, 17). < - 4> () 90% : 200 100 * 5 1 40% : * 12 1 1 * **12 4,,,, () ) 18 1 14 ( : 10 12,,,,, :,, 1998. 6., 17). - 19 -
.,,,,.... 30. 1 1. 10010. 10020, 3 2. ( ), ( ), ( ), ( ).. < - 5>.,,,. 30, 1 100, 10%.. - 20 -
. 14, 2 1. < - 5> - - - : - : - : - : - : - 30 -. - 1100-10% - 14-2 1-20/100-20/100,. 50/100. -, -,.. : ( ),, 6, 1987.,,, 1995. - 21 -
. ( ) 1987 50. 1997 11 < - 6> 112 1 1,096., 1997 11 1031 633. 967, 103.. 19919 463, 1992. 42, 51. < - 6> (:, ) 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1 4 1 2 1 0 0 0 0 0 0 9 20 188 50 115 90 0 0 0 0 0 0 463 6 5 6 12 1 6 5 9 21 10 22 103 330 225 370 740 50 225 319 1,490 3,359 1,442 2,083 10,633 7 9 7 14 2 6 5 9 21 10 22 112 350 413 420 855 140 225 319 1,490 3,359 1,442 2,083 11,096 :. - 22 -
< - 7>. 199254 1997 6113.0%, 1992 36 1997 79119.4%. 1992 23 1997 32 1992 42.6%1997 52.5%. 1997 29 6147.5%. < - 7> (:, ) 1992 1993 1994 1995 1996 1997 54 52 51 48 53 61 5,110 5,260 5,430 6,007 7,614 8,842 36 41 47 66 71 79 23 24 24 29 28 32 :,, 1998. < - 8>. ( ) 1987 KT DC1, 2. 3 2 1997 1. 6 4 1997 2 18). - 23 -
< - 8> (: ) 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1 4 1 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 4 1 5 6 8 9 9 9 9 7 7 3 :. 3... 10010, 10020....,,,, 18) 1998 7 2 4. - 24 -
.,,.. 1997 1 2,981 39.3%. 1992 5,110, 1997 8,842.., 199259.0%199726.8%. 1997 7 1998 6. 1997 6,,.. 19922,276, 1997 9 798. 1995 39.8%1997 29.7%.. - 25 -
< - 9> (: ) 1992 1993 1994 1995 1996 1997 511,009 (59.0) 526,021 (54.3) 543,018 (41.9) 600,729 (30.6) 761,370 (28.4) 884,241 (26.8) 25,334 25,828 24,828 24,828 24,843 24,873 (2.9) (2.7) (1.9) (1.3) (0.9) (0.8) 485,675 500,193 518,190 575,901 736,527 859,368 (56.4) (51.7) (39.9) (29.4) (27.5) (26.0) 75,079 (8.7) 79,832 (8.2) 93,865 (7.2) 93,188 (4.8) 141,964 (5.3) 180,706 (5.5) 67,207 (7.8) 106,281 (11.0) 267,204 (20.6) 543,621 (27.7) 975,053 (36.4) 1,298,089 (39.3) 36,600 (4.3) 30,607 (3.6) 40,200 (4.2) 66,081 (6.8) 43,600 (3.4) 223,604 (17.2) 49,983 (2.5) 493,638 (25.2) 69,003 (2.6) 900,050 (33.9) 85,949 (2.6) 1,212,140 (36.7) 11,193 (1.3) 19,955 (2.1) 23,705 (1.8) 30,508 (1.6) 38,262 (1.4) 56,811 (1.7) 227,640 (26.4) 270,658 (28.0) 415,271 (32.0) 781,224 (39.8) 852.385 (31.8) 979,782 (29.7) 31,406 34,546 45,794 87,594 92,724 97,400 (3.6) (3.6) (3.5) (4.5) (3.5) (2.9) 30,340 33,700 39,250 52,550 54,850 53,850 (3.5) (3.5) (3.0) (2.7) (2.0) (1.6) 165,894 202,412 330.227 641,080 704,811 828,532 (19.3) (20.9) (25.5) (32.7) (26.3) (25.1) 860,722 (100.0) 968,201 (100.0) 1,297,269 (100.0) 1,961,676 (100.0) 2,676,310 (100.0) 3,302,229 (100.0) : ( ) %. :. - 26 -
< - 10>. 11 6.8%, 12.3%, 80.9%.. 1996 6 1997... < - 11>,,.,,,,,,. 1997 5 2,960 5 7,11292.7%. 3,923 6.9%, 229(0.4%). 229 1997. 1992. 90%,. - 27 -
< - 10> (: ) 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 56.0 (17.0) 44.0 (19.6) 64.0 (9.2) 104.0 (14.1) 0 (0.0) 63.4 (28.2) 51.1 (16.1) 66.0 (4.4) 143.0 (4.3) 53.0 (3.7) 77.0 (3.7) 40.3 (12.2) 31.5 (14.0) 68.7 (18.6) 124.8 (16.9) 7.0 (14.0) 26.1 (11.6) 36.9 (11.6) 165.0 (11.1) 412.5 (12.3) 145.5 (10.1) 252.5 (12.1) 110.5 (33.5) 91.0 (40.4) 94.8 (25.6) 183.0 (24.7) 20.0 (40.0) 10.0 (4.4) 0 (0.0) 72.0 (4.8) 217.5 (6.5) 185.0 (12.8) 157.0 (7.5) 31.4 (9.5) 15.4 (6.8) 15.0 (4.1) 90.7 (12.3) 5.0 (1.0) 78.3 (34.8) 52.0 (16.3) 111.0 (7.4) 491.3 (14.6) 264.0 (23.1) 1,368.8 (65.7) 91.9 (27.8) 8.1 (3.6) 39.5 (10.7) 15.5 (2.1) 0 (0.0) 16.2 (7.2) 13.0 (4.1) 19.5 (1.3) 11.0 (0.3) 69.0 (4.8) 228.0 (10.9) 0 (0.0) 35.0 (15.6) 88.0 (23.8) 222.0 (30) 18.0 (36.0) 31.0 (13.8) 166.0 (52.0) 1,056.5 (70.9) 2,083.7 (62.0) 725.5 (50.3) 0 (0.0) 330.0 (100.0) 225.0 (100.0) 370.0 9100.0) 740.0 (100.0) 50.0 (100.0) 225.0 (100.0) 319.0 (100.0) 1,490.0 (100.0) 3,358.0 (100.0) 1,442.0 (100.0) 2,083.0 (100.0) 721.0 (6.8) 1,310.8 (12.3) 1,140.8 (10.7) 2,522.9 (23.7) 511.7 (4.8) 4,425.7 (41.6) 10,633.3 (100.0) : ( ) %. :. - 28 -
< - 11> (: %, ) (KT B) (KT FC) (KDIFC) (K- T AC) ( ) 1,864 (5.9) 1,298 (6.1) 487 (36.8) 274 (8.7) 3,923 (6.9) 912 (2.9) 676 (3.2) 280 (21.2) 253 (8.1) 2,121 (3.7) 29,658 (94.1) 19,832 (93.9) 608 (46.0) 2,862 (19.2) 52,960 (92.7) 165 (0.5) 16,399 (77.6) 162 (12.3) 2,412 (76.9) 19.138 (33.5) 18,646 (59.2) 3,282 (15.5) 400 (30.3) 450 (14.3) 22,778 (39.9) 699 (2.2) - (0.0) - (0.0) - (0.0) 699 (1.2) 10,148 (32.2) 151 (0.7) 46 (3.5) - (0.0) 10,345 (18.1) - (0.0) - (0.0) 227 (17.2) 2 (0.1) 229 (0.4) 31,522 (100.0) 21,130 (100.0) 1,322 (100.0) 3,138 (100.0) 57,112 (100.0) : 1997 12. :,, 1998. 6. - 29 -
4..,.. 19).,,,,.,,,,,,,,,, 3., 14 20), 10.,,,., 2 25%, 3 50%., 50%.. 30%. 19) 12. 20) 1996 3 5, 7, 14. - 30 -
.,. 1,000, 300..,,. 21)..,..,,,,,,,,,.,,,,... 3 2, 21). - 31 -
., 22). (lease). 23). (factoring)...,. < - 12>., 1997 37.4% 4,006. 3,329(31.1%), 2,645(24.7%), 727(6.8%). 19974,182, 28.1%. 37.2% 1,557 22).. 23) 100 ( ) 3. - 32 -
. 1,659(39.7%), 744(17.8%), 222(5.3%).. 199747.3%. < - 12> (:,,, ) 1992 1993 1994 1995 1996 1997 125,660 (31.2) 56,051 (13.9) 23,499 (5.8) 75,756 (18.8) 280,966 (69.7) 96,031 (23.8) 15,957 (4.0) 2,470 (0.6) 7,453 (1.9) 121,893 (30.3) 402,859 (100.0) 123,759 (28.6) 47,392 (11.0) 41,901 (9.7) 95,907 (22.2) 308,959 (71.4) 88,575 (20.5) 17,769 (4.1) 5,969 (1.4) 11,162 (2.6) 123,475 (28.6) 432,434 (100.0) :. :, 140,319 (25.7) 50,876 (9.3) 100,049 (18.3) 105,114 (19.3) 396,358 (72.7) 79,748 (14.6) 17,643 (3.2) 40,420 (7.4) 11,365 (2.1) 149,176 (27.3) 545,534 (100.0), 1998. 157,528 (20.0) 56,278 (7.2) 138,817 (17.7) 118,652 (15.1) 471,275 (59.9) 88,691 (11.3) 49,462 (6.3) 158,486 (20.2) 18,282 (2.3) 314,921 (40.1) 786,196 (100.0) 272,553 (22.0) 65,646 (5.3) 302,362 (24.4) 216,022 (17.5) 856,583 (69.2) 110,023 (8.9) 74,252 (6.0) 170,590 (13.8) 26,408 (2.1) 381,273 (30.8) 1,237,856 (100.0) 400,611 (26.9) 72,722 (4.9) 332,909 (22.4) 264,524 (17.8) 1,070,766 (71.9) 155.745 (10.5) 74.427 (5.0) 165.901 (11.1) 22.171 (1.5) 418,244 (28.1) 1,489,010 (100.0) - 33 -
. 1974 (KAIST ),,,,,,.,,,. < - 13>. 1996 2 1,399, 1997 12 4 7,914. 60%.,,. 197419964 7 1,671. 6 4,522 90%. 4,369 6.2%, 2,003 2.8%, 747 1.1%..,,.. 1996 24, 1974 19967 1,671 0.6% 459. - 34 -
1997 4 7,914 0.5% 216. < - 13> (: ) 1974 1994 1995 1996 1997.12 19,645.2 10,057.6 13,155.2 42,858.0 26,3281) ( ) 1,668.6 (120.7) 16,544.9 1,347.7 84.0 345.5 (7.9) 9,488.3 167.3 56.5 690.1 (0.3) 12,361.6 66.5 37.0 2,704.2 (128.9) 38,394.8 1,581.5 177.5 2,695 (34) 23,251 289 93 12,001.7 6,657.6 6,722.4 25,381.7 17,6121) ( ) 500.9 (69.2) 10,849.8 385.7 265.3 135.1 (9.2) 6,509.7 10.3 2.5 300.1 (2.2) 6,371.1 0.4 50.8 936.1 (80.6) 23,730.6 396.4 318.6 877 (- ) 16,617 102 16 662.7 94.5 425.0 1,182.2 1,1261) ( ) 364.9 (145.6) 231.7 19.2 46.9 27.8 (3.9) 39.1 0.0 27.6 176.0 (21.5) 209.0 0.0 40.0 568.7 (171.0) 479.8 19.2 114.5 786 (180) 334 1 5 632.6 519.9 1,097.0 2,249.5 2,8481) ( ) 133.1 (75.8) 399.9 0.0 99.6 3.9 (3.0) 513.1 0.0 2.9 23.0 (0) 1,034.0 6.0 34.0 160 (78.8) 1,947.0 6.0 136.5 46 (2) 2,766 16 20 32,942.2 17,329.6 21,399.6 71,671.4 47,914 : 1). 2),,,. :,, 1997.,, 1998. 6. - 35 -
5........ 1996 42.2%, 38.2% 19.6%. 1996 93.3%, 5.6%.,.,,... - 36 -
.,,.,.. 1),,,,.,..,..... < - 14> 2%.. - 37 -
< - 14> (:, %, ) 1987 1989 1991 1993 1995 1997 16 30 54 52 48 60 64 86 106 136 409 550 13 23 21 27 41 52 63 88 99 116 145 117 1.9 3.1 2.1 2.6 2.2-1.5 :. 7 < - 15>. A D 1.4%, B 11.1%. B...,,..,. 1990. - 38 -
< - 15> (:,, %) 1 2 3 4 5 6 7 ( ) A B C D E F 1987 1987 1987 1988 1990 1990 50 100 30 50 100 50 7 7 7 7 7 7 4.7 13.8 5.5 3.7 4.3 5.1 3.2 22.0 3.2 3.5 4.2 6.9 1.7 9.7 4.3 1.0 4.0 4.7-2.5 3.7 0.5 10.6 5.8-12.2 3.3 1.1 0.7 4.2-10.1 1.4-2.0 5.0-7.4 - - 1.6 - :.,. 1996 1,500. 1.5%. 1,500 3 4..,.. 1990. 1996.. 1990.. - 39 -
2). 1987 1997 10.7%.,,,. 1997. 10%..... 3). 19881994 70.9%... - 40 -
1994.. 1996 6. 1997. 1998. 1997..., IMF..,. 7. IMF.. - 41 -
V. 1. 4, 13. 24) 13 703 724.. 2,. 25). 26),.,..,. 24),. 25) 13 703 26) 13 704-42 -
...,,.,.. 2.... 4., 25, 30-43 -
., 4 43,,. 3.. 13 ( ) 1,,. 13 2 27) 27),,,,,,,,,,,,,,,, (),,,,,,,,,,,,,,,,,,,,, ( ),,,,,, (). - 44 -
.. 13 4 14 4.,.. 13 5 16 1 28) 17 1 5 29).. 13 6 28) 1., 2., 3. (. ), 4., 5. ( ), 6., 7., 8., 9., 10., 11., 12.. 29) (). - 45 -
, 16 117 1 5 16 2 30) 17 3 31) 32).. 133 1 20% 2 1.. 5.. 16,. 163 2 5 30) (1994. 12. 22. ). 31). 32) - 46 -
.,,, 73 1 8.. 14 33) 10050.. 4 4.. 10 3 30, 33) 12,. - 47 -
.. 9 2 14.. 111 20 ( 3) 2. 4. ( ) 34). 34). 30, 1 100, 1 10010. 100 20 ( ), 10050.. - 48 -
. < V- 1> () ( ),. - 49 -
,. 3 5% 3 3.. 50%4. ( ). 2% 35) 36).. ( )... 35) 1% 1997. 12. 31 19 3,,,. 36) 1998 8 22 9 2,. - 50 -
< V- 2> (0.5%) 3 5%,3 3 5%,3 (0.5%) 50%(4 ) - - - - (2%) - - - - - 51 -
. 1.., 3 4.,,,. < - 1> (%) S/ W 8.2 22.6 23.7 18.8 16.8 3,.0-6.9.., 1990 199435% 5002.1%, 23%. 1 2500 9,000 2. 1990 1994500 0.9% 10 520%.., 69% - 52 -
(5%)., (10%), (8%), (7%),. 1980.,,,.. 1996 250 (Small Business Investment Company) 600...,.,,.. 1996 2,163, 101 37) 470. 50%, 1980 30% 10%. 37) 1997 115128 ( 1998 3 5). - 53 -
2.,. 1995 3 6 (44), 7,536 4.7. 1%. < - 2> (: ) 1990 1,847 979 (53%) 1991 1,271 536 (42%) 1992 2,548 1,060 (42%) 1993 2,545 1,504 (59%) 1994 3,764 1,727 (46%) 1995 4,400 1,672 (38%). 240 (13%) 306 (24%) 471 (19%) 270 (11%) 805 (21%) 968 (22%) 166 129 (9%) (7%) 70 55 (6%) (4%) 369 84 (14%) (3%) 268 207 (11%) (8%) 357 341 (9%) (9%) 792 88 (18%) (2%), 203 129 (11%) (7%) 155 148 (12%) (12%) 280 283 (11%) (11%) 187 109 (7%) (4%) 444 91 (12%) (3%) 748 132 (17%) (3%) 40%,,. - 54 -
1974 (Employee Retirement Income Security Act: ERISA), 1975 1,000. 1979. < - 3> (: %) 1978 18 12 18 40 12 1994 46 21 9 12 12. 197849%28%.. 1981 20% 38).., 1970 1986 93 6,000 170 3,000, 38) 20% ( 15% 10%), 28%( 15%15%),. - 55 -
170 3,000 1,530 1,000. 1985 70%..,,..,,,. 3.. (Determination of T ax Liability: 701 709 ) 1) (Partnership), (Partner) (701 ),.,, (,, ).. - 56 -
2) (702 ), 66 (Capital Assets), 1,,,, /.,, (Gross Income).,,. FORM- 1065.. 3) (703 ),,,,,. 702,,,,.. 4) (704 ),, - 57 -
,.,, 5.,.. 5) (705 ),,.,.. 6) (706 ).,.. - 58 -
7) (707 ),,, 3.,, Subchapter K., (Controlled Partnership), (Guaranteed Payment).. 8) (708 ), 12 50%.. 9) (709 ), 60(deferred expense), 60..., - 59 -
(Contributions, Distributions, and T ransfers: 721 761 ) 1) (721 ).,.,,.. 2) (722 ).,.,. 3) (723 ).,. - 60 -
4) (724 )., (Ordinary Income or Loss),.. 5) (731 )., 1) ( ), (Liquidating Distributions).. 2)., 3) 736 751.. 6) (732 ) - 61 -
(1),. (2),.,.. 7) (733 ),.. 8) (734 ) 754,. 754, 1) ( ),. 2) (Liquidating - 62 -
Distributions),.. 9) (735 ) (5 )... 10) (736 ),, 707 c.,, (distribution by the partnership).,.. 11) (741 ) - 63 -
., 751, (capital assets).. 12) (742 ) (contribution) 1011.. 13) (743 ), 754. 754,,.., 704... - 64 -
14) (751 ) (capital assets). (a) (a) (), (distributee partner).,. (c),. (d) 120% 10%. 1221, 1231, 1246, (distributee partner).. 15) (752 ),.. - 65 -
.,.. 16) (753 ) 736 (a)691.. 17) (754 ). (Secretary)(734 )(743 ).... 18) (755 ) (a) 734 (b) 743 (b).. - 66 -
(b) (1) 1231(b)( ). (1), (2),... (conduit, pipe).. (Definitions: 761 ) 1),,,,,,. 2,,,,,.,.,. - 67 -
< > 1. Partner 2. Partner < - 4> 3. Partnership, 4. Partner 5. Partner 6. Partner Partnership 7. Partner Partnerships 8. Partnership 9. Partnership <, > 1. 2. Partner 3. 701 702 703 704 705 706 707 708 709 4. 724 5. 6. 7. Partner 8. 9. 10. Partner 11., 12. Partner 13. Partnership 743 14. 15. 16. 17. 754 18. < > 721 722 723 731 732 733 734 735 736 741 742 751 752 753 755 1. 761 : G. Fred Streuling, James H. Boyd, Kenneth H. Heller, F ederal T axation of P artners and P artnerships, Prentice Hall, 1992. - 68 -
4.....,,,,,.,. 70% 1995 1996 5 3 6.... - 69 -
.,. - 70 -
. 1.. 1972 19741982 19842. 11971 8 308. 1974. 2. 1, 2.. 1990 3,,. (1997) 1996 4,500 39), 14.7%, 9.1% (16.4%), 39).,. - 71 -
(8.7%).., 4 81.,. 70%. 30%, 10%. 70%,,.,..,. 7. 1/3, 1010%., 70%510 3.6., 63% 10., 17 10. - 72 -
,., 25%., 1995 49%,.., 46%, 22%, 17%. 2. 1995 3 156, 5,211 ( 3 8,500). 1993 6 27.5%,. 1995 3 31%.,. 1, 10.. - 73 -
< VII- 1> ( : %) 1986 46.9 53.1 31.1 68.9 1988 31.3 68.7 22.3 77.7 1990 34.4 65.6 20.7 79.3 1992 43.2 56.8 24.0 76.0 1993.6 45.4 54.6 27.5 72.5 :,, 1996.12. 1982 JAFCO 1. 2, 44 1993 155 5,211. < VII- 2> ( :,. ) 1989 1990 1991 1992 1993 11 24 26 14 7 36,171 115,183 101,350 42,490 13,350 226 507 644 287 44 84 108 134 148 155 248,795 363,978 465,328 507,818 521,168 1,539 2,046 2,690 2,977 3,021 21 24 24 24 24 : Nippon Investment & Financing Co. Ltd, 1994.,, 1995, 35. - 74 -
. 10.,, 5,000 1. 20%. [ - 1],.. 40).,. 10.,,.,. 40),, 60, pp.17 4 175;,, 1989, 79. - 75 -
,.,,. [ - 1] ( ) (3%) () 2 (80%) (20%) (consulting) :,,, 1984. 10., Venture Capital,, 1989-76 -
3.. 1).. 41). ()...,. 1998 11 (). 41),,.,. - 77 -
. 5%. 2.,,,..,. ( ), ( ), ( ).,,.,... 2). 22.. 3.., - 78 -
() ( ) ( ).. ).,., ()... 14-1- 1 674 ( ). 14-1- 1..,... - 79 -
14-1- 2,. ( ) ( ) ( ),,.,..,,,,.,. ) 36 37-19.,.,. 36 37-20 3. ( ) - 80 -
( ) ( ).,.,,... 1).,...,... 2). - 81 -
22.., 3...,. () ( ) ( ). ( ). )...... - 82 -
..... (, ),....... - 83 -
.....,. ) 36 37-21., ( ).,.,..,. ) - 84 -
. 10 10 ( ).,,.. 101 10. 10.. - 85 -
.,.,,....,. 42). 13 4, 13 5 43) 42), 1995. 7. 26 ( pipe, conduit ). 43) 16 117 1 5. - 86 -
.... Subchapter K. 6,., Subchapter K. 1. (partnership) (corporation)3.,,.... (Limited Partnership) (Limited Partner). (General Partner) - 87 -
... (Limited Liability Company).. 48. (pass- through).,,,,.... (Regular Corporation) Subchapter S Subchapter C..,,..,., - 88 -
..,.. 1978 21 5,400 70% 2 5,000 48%. 28%. 1996 35%, 39.6%. 60.74%(35%65% 39.6% ), 53.2%(35%65% 28% ). (Fringe Benefit).. 1982. 1980.,... (S Corporation) Subchapter S. Subchapter S,,,. - 89 -
. Subchapter S. 1982 Subchapter S, Subchapter S Subchapter K Subchapter S. Subchapter S. (S corporation), 35. Subchapter S, 3 25%. Subchapter S Subchapter S, Subchapter S... 3 15 2., (1) S Corporation,,, (2),. Subchapter S,.... 1958 S... - 90 -
S.,.,. S S, S.,. S.,.,., 2%. 2%.,,,... (Partnership).... - 91 -
..,,.,,.. 1954 (Internal Revenue Code) 15.,,.....,... (Limited Partnership).,. - 92 -
..... ULPA(T he Uniform Limited Partnership Act) 1916. 1970. 1970. 1976 RULPA(T he Revised Uniform Limited Partership Act). 19851976 1976. (Commissioner) RULPA. RULPA. RULPA.. (Limited Liability Company). - 93 -
. RULPA ULPA.. 4. 2. 2..,,,.. Subchapter K.. Subchapter K... Subchapter K,. 3.. - 94 -
(Uniform Partnership Act, UPA) 2 (, ), 2,,,,.,,..,.. 44)..,,. ( ) ( ) 2,. 45),,,,,,. 44),, 1983. 45). - 95 -
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.... ( ),. (Aggregate of the Interests of Partners), (Separate Entity). Subchapter K., 701 709, 721755,.,.. 4. 1985 5 12..,, - 98 -
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. 1.. 1990, 1995 1991. 1990, 1994, 1995 1991. 1989, 1990. 1996,,. 19901994 1995. 1990, 49)...... 13 1 49) (1976), p.147. - 101 -
,. 13 2..... 16 1 2000 12 3120% 2 1. 1997 8 30 3 1120%, IMF. - 102 -
7 3 1..... 17 2003 12 31 100 50 10050... - 103 -
. 9 2 14,....,,. 2.... - 104 -
......,,.... 1997 47.2%. 47.2%.... - 105 -
1996 7 1 1998 7 0.48%, 0.98%.,. 1990.. 2.. 1).,. 10020 2 1 50). 20% (40% 50%) 2 (4 ) 50) 1998. - 106 -
..,. 51)..,., (5 )...... 2)..., Angel Capital Electronic Network (ACE- Net) 51) 1998. - 107 -
..,..,..,.,.,.... 9.9%. () 52). 1979 (ERISA) 52) 74 1 1. - 108 -
, 1995 40% 17.,, 1%. 199612.4%.,..,. - 109 -
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.. - 113 -
,,, 1996. 10.,, [ 1], 1997. 4.,,, 1997.1,,, ( ), 1988.,,,, 1997.,,,, 1997.,,, 1997. 8.,, 1997.6,, 1998.7, :, IMF,, 1998.,,, 1998., KOSDAQ,,, 1997.,, 1998,.,,, 1989,,, 1995.,, 1983.,, 1997. 2.,, 1997. - 114 -
( ), 1998. ( ),, 6, 1987., - ( ),,.,, 1996. 12.,.,,.,.,, (448), 1990. 11. 30.,, 1998. 6.,,,, 1997. 9. 19.,, 1997.,,,, 1997. 5.,, Venture Capital 1997,. Akerlof, G., T he Market for Lemons: Quality, Uncertainty and the Market Mechanism, Quarterly J ournal of E conom ics, Vol. 84, pp. 448 500. Allen, F., and G. Faulhaber, Signalling by Underpricing in the IPO Market, J ournal of F inancial E conomics, Vol. 23, 1981, pp. 303 323. Homer, Arnold, and Rita Burrows, P artnership T axation, T olley Publishing Co. 1994. Association of Canadian Venture Capital Companies, "Venture Capital in Canada", A nnual Statistical R eview and Directory, 1995. Barry, C. B., C. J. Muscarella, J. W. Peavy, and M. R. Vetsuypens, T he Role of Venture Capital in the Creation of Public Companies, J ournal of - 115 -
F inancial E conom ics, Vol. 27, 1990. Booth, J., and R. Smith, Capital Raising, Underwriting and the Certification Hypothesis, J ournal of F inancial E conom ics, Vol. 15, pp. 261 281. British Venture Capital Association, R eport on Investment A ctivity, 1995. Fumio, K., T echnology Fusion and the New R&D, H arvard B usiness R eview, July- August 1992. Homer, Arnold and Rita Burrows, Partnership T axation, T olley Publishing Co., 1994 Kuhn, Robert Lawrence, Capital R aising and F inancial Structure, Dow Jones- Irwin, Homewood, 1990. Lerner, J., Venture Capitalists and the Decision to Go Public, J ournal of F inancial E conom ics, Vol. 35, 1994, pp. 293 316. Muscarella, C., and M. Vetsuypens, Initial Public Offerings and Information Asymmetry, W orking P aper 93-124, Southern Methodist University, 1993. NASD, N A SDA Q Stock M arket: F act B ook, 1996. OECD, V enture Capital and Innovation, 1996. Prahalad, C. K., and G. Hamel, T he Core Competence of the Corporation, H arvard B usiness R eview, May- June 1990. Pratt G., "Venture Capital in the United Kingdom", B ank of E ngland Quarterly R eview, Vol. 30, 1990. Stalk, G., P. Evans, and L. E Shulman, Competing on Capabilities: T he New Rules of Corporate Stategy, H arvard B usiness R eview, March- April 1992. Streuling, G. Fred, and James H. Boyd, Kenneth H. Heller, F ederal T axation of P artners and P artnerships, Prentice Hall, Vol II, 1992. T eece, D. J., T owards an Economic T heory of the Multiproduct Firm, J ournal of E com om ic B ehavior and Organiz ation, Vol. 3, 1982. US. Small Business Administration, SB IC P rogram Statistical P ackage, 1993. Willis Arthur B., P artnership T axation, Warren, Gorham & Lamont of the RIA Group, Student Edition, 1997. - 116 -
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133 10020 2 1... 94.. 13 4.. 3. 52). 100. 1996 200 2,000. 52),,, 1998. - 121 -
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. S Corporation,, SBIC(Small Business Investment Company) 53),. S Corporation.,... 3. 1958 5 ( 10 ). SBIC 5 50%. SBIC., 5 50%., 10 1. 53) 1958Small Business Investment Act (SBA). - 123 -
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< Abstract> New Directions for the Partners hip T ax ation in Korea Kim, Jae- Jin and Kim, Jin Soo Developing a tax policy to promote venture industry involves two steps. Since venture capital limited partnership is a form of partnership, tax policy on partnership in general. should be established first. Second step has to do with revising the current tax clauses related to venture capital partnership in the T ax Exemption and Reduction Law based on the established partnership taxation to promote venture industry further. Following the taxing principles of Constitution, taxes in Korea can be levied only when they are provided for law. Promoting venture industry requires a steady flow of long term capital into the industry funneled through venture capital partnership. T hus, the role of venture capital partnership is crucial for the growth of venture industry. However, the current tax law does not recognize partnership as a form of company. As such, there is currently no principle of taxation that applies to general partnership. T hus, it is important to recognize partnership first as a form of company and to establish the relevant tax law for partnership. T he current tax clauses related to venture capital partnership in the T ax Exemption and Reduction Law also need to be improved in several aspects. First, the tax exemption on capital gains earned by venture capital partnership investor should be extended to corporate investors. T his will stimulate more investment in venture capital partnership by corporations. Second, in order to improve equity of - 1 -
the tax system all of the partner' s income stated in the current income tax law should be subject to withholding tax. T his will also reduce tax administration cost. T hird, the amount of deduction on the income invested in venture capital partnership should be raised. Fourth, the loss incurred to corporation from investment or financing activity with venture capital partnership should be allowed to deduct for corporate income tax. Fifth, the debt claims held by venture capital partnership against the founders of new companies should be treated as loss for tax purpose. Sixth, the dividend income earned by partner should be exempted from tax as is the case for venture capital company. - 2 -