| (1) | Where the value of financial property prescribed by Presidential Decree (hereafter in this Article referred to as "value of net financial property") less a financial debt prescribed by Presidential Decree remains among the value of the inherited property as at the commencement date of inheritance when inheritance commences due to the death of a resident, the amount according to the following classifications shall be deducted from the taxable value of inherited property, but when such amount exceeds 200 million won, 200 million shall be deducted therefrom: |
| 1. | Where the value of the net financial property exceeds 20 million won: whichever is the larger of an amount corresponding to 20/100 of the value of the relevant net financial property and 20 million won; |
| 2. | Where the value of the net financial property is not more than 20 million won: the value of the relevant net financial property. |
| (2) | The financial property under paragraph (1) does not include stocks, etc. held by the largest shareholder or largest investor prescribed by Presidential Decree and financial property in another person's name that is not reported by the filing deadline of an inheritance tax base return under Article 67. <Amended on Dec. 15. 2015> |
[This Article Wholly Amended on Jan. 1, 2010]