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Where a domestic non-listed Gap corporation (“Gap”)’s shareholders Eul delegated their stock sale to Gap to participate in the old stock sale at Gap’s listing at NASDAQ; Gap delivered the stocks to Korea Securities Depository, deposited in the account of foreign depository Byung bank (“Byung”); Byung issued depositary receipts (DR) based on the stocks and delivered DR to foreign takers; Eul reported and paid capital gains tax on sales money under the premise that domestic stocks were transferred to foreign depository; and tax authorities imposed capital gains tax under the premise that Eul transferred foreign asset DR issued based on the stocks to foreign takers, the case holding such taxation unlawful since Eul transferred the stocks, not DR issued based on them, to Byung
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