Article 1.　The purpose of this Law is to revalue corporate and individual assets so as to rationalize the accounting of enterprise by making it possible to take appropriate depreciation and so as to achieve the fair tax burden by establishing the special treatment of taxation in the case of transfer of assets, etc., and thus to contribute to the normal operation of the economy.

Article 2.　The "valuation amount" as used in this Law shall mean an amount to be recorded on the inventory or balance sheet (in case the inventory or balance sheet is not prepared, the books and records similar to them;hereinafter the same) with regard to the assets used for business purposes (or the said amount less depreciation charges, in case the depreciation charges of the depreciable assets are recorded on the liabilities side of the balance sheet as a reserve, etc., instead of being subtracted from the said amount), and shall be an amount which is the basis for computation of the forestry income and capital gains as provided for in the Income Tax Law (Law No.27 of 1947) with regard to the assets used for non-business purposes and "book value" shall be the valuation amount of the assets owned by a corporation.

2　The "revaluation" as used in this Law shall mean the increasing made by corporations or individuals of the valuation amount of their assets, as may be provided for by this Law.

3　The "revaluation amount" as used in this Law shall mean the valuation amount of the assets owned by a corporation or an individual after it is increased on account of the revaluation.

4　The "revaluation date" as used in this Law shall mean the day as of which the revaluation was made or is deemed to have been made.

5　The "business" as used in this Law shall mean the commercial, industrial, financial, agricultural, fishing, real estate lending or medical business and other continuous activities for consideration as provided for by Cabinet Order.

6　The "depreciable assets" as used in this Law shall mean the tangible depreciable assets and intangible depreciable assets.

7　The "tangible depreciable assets" as used in this Law shall mean the buildings, machines, equipments and other fixed assets (excluding the intangible depreciable assets) of which depreciation charges are included in the business expense or necessary expenses in computing the income under the provisions of the Corporation Tax Law (Law No.28 of 1947) or the Income Tax Law.

8　The "intangible depreciable assets" as used in this Law shall mean the mining right (including the placer mining right, the right to mine or pick up minerals, the right to use as provided for in Article 17-(2) of the old Important Mineral Increasing Production Law (Law No.35 of 1938), which is still effective in accordance with the provision of paragraph 3 of the Supplementary Provisions of the same Law and the right to use as provided for in Article 17 of the Law for Temporary Measures of Coal Mining, etc.(Law No.154 of 1948);herein after the same), fishing right (including the common fishing right;hereinafter the same), irrigation right, patent, utility model patent, design and trade mark (including the rights with similar nature), good will (limited to one acquired from others at consideration or to one as the object of taxation of estate tax or capital levy;hereinafter the same) and expenses for test and research (this shall mean the expense which was paid for test and research and which was recorded on the assets side of the balance sheet;hereinafter the same), which are used for business purpose.

9　The "acquisition cost" as used in this Law shall mean the amount of money (in case a part of assets has been destroyed after the time of acquisition of the assets but before the revaluation date, the amount deducted by the amount corresponding to the part destroyed) required by a corporation or an individual for the acquisition of the assets (including manufacture and improvement;with regard to the standing tree or livestock, or others of similar nature, including plantation, breeding, management or other similar action;with regard to the share of stock or investment, including payment of subscription money for shares or investments or delivery of property as an investment in kind;but excluding these actions if the amount of money required for them was included in the business expense or necessary expense in computing the income under the provisions of the Corporation Tax Law or the Income Tax Law;hereinafter the same).

10　The "time of investigation for capital levy" as used in this Law shall mean the time of investigation as provided for in Article 1 of the Capital Levy Law (Law No.52 of 1946)(0.00 a. m. of the 3rd day of March, 1946).

11　The "appraised value for capital levy" as used in this Law shall mean the amount appraised in accordance with the provisions of Chapter III of the Capital Levy Law with regard to the assets owned by an individual, and shall be the amount computed through the valuation method as provided for in Chapter III of the same Law, on the assets under the circumstances as of the time of investigation for capital levy (in case a part of the assets has been destroyed after the time of investigation for capital levy but before the revaluation date, the amount obtained by deducting the amount corresponding to the distroyed part from the amount of the assets) with regard to the assets owned by a corporation.

12　The "accounting period" as used in this Law shall mean the accounting period as provided for in Article 7 of the Corporation Tax Law, excepting the case as otherwise provided for.

Article 3.　The "basic date" as used in this Law shall mean January 1, 1950;provided, however, with regard to the assets as enumerated in each of the following items, it shall be the day as enumerated in each item concerned (with regard to the assets falling under two or more of the following items, it shall be the latest day among those enumerated under the items concerned):

Article 4.　With regard to the trust properties, the beneficiary shall be deemed the owner and subject to this Law;provided, however, this shall not apply to the trust property of the joint operation trusteeship (this shall mean monetary trust which has been trusted with the trust company or the bank engaged in trust business and which, while being the trust property of numerous trustors who do not act collectively, is put into joint operation;hereinafter the same).

2　In case the beneficiary is not specified or not in existence at the basic date, the trustor or his heirs shall be deemed the beneficiary for the purpose of the application of the provisions of the preceding paragraph.

3　In case of the preceding two paragraphs, if there are two beneficiaries or more, such beneficiaries shall be deemed to have the trust property in proportion to the amount of the benefit to be received.

4　With regard to the property of the Holding Company Liquidation Commission which was transferred from the holding company or the designated person as provided for in the Holding Company Liquidation Commission Ordinance (Imperial Ordinance No.233 of 1946) in accordance with the provisions of the same Ordinance, the holding company or the designated person concerned shall be deemed the owner and shall be subject to this Law.

Article 5.　The provisions of this Law shall not apply to the juridical person enumerated in each of the following items:

Article 6.　The corporation which has assets within the enforcement area of this Law at the basic date may make revaluation with regard to the assets concerned;provided, however, this shall not apply to the assets enumerated in each of the following items:

2　In case a corporation has acquired newly the shares of the corporation issuing the said shares (hereinafter referred to as "the issuing corporation" ), second company, new company and other corporation in relation to the shares owned by the said corporation at the basic date, in the period after the basic date and before the revaluation date on account of the increase or decrease of capital stock (including amount invested;hereinafter the same), dissolution or amalgation of the issuing corporation, investment of property to the second company or the new company by the issuing corporation, retirement or secession, the shares which have been newly acquired shall be deemed to have been owned by the said corporation at the basic date for the purpose of the application of the preceding paragraph.

3　The provisions of the preceding two paragraphs shall not apply to the trust property of the joint operation trusteeship owned by the trust company or the bank engaged in trust business.

Article 7.　With regard to the corporate assets having no book value at the basic date, notwithstanding the provision of paragraph 1 of the preceding Article, revaluation shall not be made;provided, however, this shall not apply to the assets enumerated in each of the following items:

Article 8.　An individual who has depreciable assets within the enforcement area of this Law at the basic date may make revaluation with regard to the assets concerned.

2　In case the house among depreciable assets owned by an individual within the enforcement area of this Law at the basic date has been sold (including to be invested, hereinafter the same except for the case falling under the provisions of Article 29), donated, succeeded or bequeathed after the basic date, the revaluation of the house concerned shall be deemed to have been made at the revaluation amount as provided for in Article 26 as of the basic date in spite of whether or not the revaluation was made in accordance with the provision of the preceding paragraph;provided, however, this shall not apply to the case where the revaluation amount at which the revaluation was made in accordance with the provision of the preceding paragraph reaches the maximum limit of the revaluation amount as provided for in Article 17 paragraph 1 and paragraph 3.

Article 9.　In case the lands, standing trees, or the houses, shares or other assets (excluding depreciable assets) not used for business which were owned by an individual within the enforcement area of this Law at the basic date, have been sold, donated, succeeded or bequeathed after the basic date, the revaluation of the assets concerned shall be deemed to have been made as of the basic date at the revaluation amount as provided for in Article 20 paragraph 2, Article 21 paragraph 2, Article 23 or Article 25;provided, however, this shall not apply to the assets as provided for in each item of Article 6 par graph 1 and the assets as provided for in Article 6 item (5) of the Income Tax Law.

2　In case an individual, on account of the increase or decrease of capital stock, dissolution or amalgamation of the issuing corporation or on account of the allotment of shares due to the investment of assets by the said corporation to its second company or new company or on account of the retirement or secession, has newly acquired after the basic date the shares of the issuing corporation, second company, new company or another corporation other than the issuing corporation in relation to the shares owned by the individual at the basic date, the newly acquired shares shall be deemed to have been owned by the said individual at the basic date for the purpose of the application of the preceding paragraph.

3　In case an individual, on account of the redemption of shares, the decrease of capital stock, dissolution, amalgamation of the issuing corporation or on account of the allotment of shares due to investment of assets by the said corporation to the second company or new company, or on account of the retirement or secession, has acquired money and property other than money (excluding a case where he has acquired only shares) after the basic date in relation to the shares owned by him at the basic date (including the shares deemed to have been owned at the basic date in accordance with the provision of the preceding paragraph) after the basic date, if the total (or cumulated amount, if he has acquired them in installments) of the amount of money and the value of property (or the paid-up amount, if the property is share) exceeds the acquisition cost or the appraised value for capital levy as provided for in Article 43 paragraph 1 of the said shares owned at the basic date, the said shares owned at the basic date shall be deemed to have been transferred for the purpose of the application of paragraph 1;provided, however, that this shall not apply to the case where the share concerned is the one issued by a corporation that had been dissolved or had ceased to exist due to amalgamation on or before March 31, 1950.

4　In the case falling under the main clause of the preceding paragraph, if the individual has acquired for several times the money and the property other than money equivalent to the excessive amount, the share concerned shall be deemed to have been transferred every time of such acquisition.

Article 10.　The provision of Article 8 paragraph 1 shall apply mutatis mutandis to the case where the non-business assets owned by an individual within the enforcement area of this Law at the basic date have become to be the depreciable assets as a result of the fact that the individual used such assets for business purpose after the said date.

2　In the case falling under the preceding paragraph, the provision of paragraph 1 of the preceding Article shall not apply to the said assets after the day when they were used for business purposes.

3　The provision of Article 8 paragraph 2 shall apply mutatis mutandis to the case where the non-business house owned by an individual within the enforcement area of this Law at the basic date has been used for business purposes after the same date, and is sold, donated, succeeded or bequeathed had after the day when it has been used for business purposes.

Article 11.　With regard to the application of the provisions of Article 6 and Article 8 to the preceding Article inclusive, whether or not the assets as enumerated in each of the following items are located within the enforcement area of this Law shall be determined in accordance with the provisions of the following items:

Article 12.　In case of succession, bequest and donation, if the value of properties owned by the decedent at the time of succession less his liabilities existing at the said time (including public charges) as well as the funeral expenses does not exceed 300,000 yen, or if the amount of property donated to a certain person in a year does not exceed 30,000 yen, the provisions of Article 8 paragraph 2, Article 9 paragraph 1 and Article 10 paragraph 3 shall not apply.

Article 13.　The revaluation under the provision of Article 6 paragraph 1 shall be made as of the basic date or the opening date of the accounting period opening after the basic date and before August 31, 1950;provided, however, that the revaluation of the assets as enumerated in each item of Article 3, of which basic date is after August 31, 1950 shall be made as of the basic date.

2　The revaluation under the provision of Article 8 paragraph 1 shall be made as of the basic date.

3　The revaluation of the depreciable assets under the provision of Article 8 paragraph 1 as applied mutatis mutandis in Article 10 paragraph 1 shall be made as of the day when the assets concerned have been used for the business purposes.

Article 14.　In case a corporation has amalgamated with another corporation during the term from the enforcement date of this Law to August 31, 1950, if the amalgamated corporation (this shall mean the corporation which ceases to exist due to amalgamation;hereinafter the same) has not yet made the revaluation under the provision of Article 6 paragraph 1, the amalgamating corporation (this shall mean the corporation which is established due to amalgamation or the corporation which survives after amalgamation) may make revaluation as of the day of amalgamation with regard to the assets provided for in the same paragraph which the corporation has acquired due to amalgamation. This shall apply to the assets acquired by the amalgamating corporation due to amalgamation, in a case where a corporation having the assets, enumerated in each item of Article 3, of which basic date is after August 31, 1950 has ceased to exist due to amalgamation within six months from the basic date.

2　The provisions of paragraphs 2 and 3 of Article 6 shall apply mutatis mutandis to the case under the preceding paragraph.

Article 15.　In case a corporation has newly acquired the shares of the issuing corporation, second company, new company or another corporation other than the issuing corporation on the revaluation date or thereafter in relation to the share which was revalued in accordance with the provision of Article 6 paragraph 1 or paragraph 1 of the preceding Article (including share revalued by the amalgamated corporation in accordance with these provisions, if the said corporation is the amalgamating corporation), on account of the increase or decrease of capital, dissolution or amalgamation of the issuing corporation, the allotment of shares due to investment of assets by the issuing corporation to second company or new company, or on account of the retirement or secession of the corporation, the corporation which has newly acquired the shares shall be deemed to have made revaluation at the revaluation amount under the provision of Article 24 with respect to the shares newly acquired.

Article 16.　In a case where an individual has died before August 31, 1950, if he has not yet made revaluation under the provision of Article 8 paragraph 1, his successor (including a comprehensive legatee;hereinafter the same) may make revaluation as of the basic date with respect to the depreciable assets (excluding house) owned by the late individual at the basic date.

2　In a case where an individual having the depreciable assets (excluding house), of which basic date is after August 31, 1950 in accordance with the provision of each item of Article 3, has died after the basic date and before January 31 of the next year of the year involving the basic date, if he has not yet made revaluation under the provision of Article 8 paragraph 1 with regard to the said assets, his successor may make revaluation as of the basic date with regard to the said assets.

3　In the case under the provision of Article 10 paragraph l, if the individual has died before January 31 of the next year of the year when he used the assets as provided for in the same paragraph (excluding house) for business purposes, and if he has not yet made revaluation pursuant to the provision of the same paragraph with regard to the assets concerned, his successor may make revaluation with regard to the said assets as of the day when these assets were used for business purposes.

4　In the case falling under the preceding three paragraphs, if there are two to or more successors, the revaluation under the preceding three paragraphs shall be made jointly by them

5　The revaluation made by the successor in accordance with the provisions of paragraphs 1 to 3 inclusive shall be deemed to have been made by the decedent (including a person who bequeathed the property comprehensively;hereinafter the same).

6　The successor under the provisions of the preceding five paragraphs shall involve the successor to the successor.

Article 17.　The revaluation amount of tangible depreciable assets (excluding the tangible depreciable assets used for the mining other than houses owned by individual;hereinafter the same in this Article) shall not exceed the amount computed by multiplying the acquisition cost of the assets concerned by a multiple under the Attached Table No.1 as determined according to the time of acquisition and the useful life (meaning the useful life determined as for the assets concerned in accordance with the provisions of the Corperation Tax Law;hereinafter the same).

2　With regard to the corporate tangible depreciable assets in a case where the corporation expended one year or more in manufacturing or improving such assets, the aggregate of amounts computed according to the following formula for each time when the corporation concerned expended the money in manufacturing or improving the assets concerned shall be deemed the acquisition cost thereof, and the time of completion of the manufacture or improvement shall be deemed the time of acquisition thereof and the provision of the preceding paragraph shall apply to the assets concerned;provided, that this shall not preclude the aplication of the provision of Article 30:

3　With regard to the individual's house acquired prior to the time of investigation for capital levy, among the tangible depreciable assets, its appraised value for capital levy shall be deemed the acquisition cost and the time of investigation for capital levy shall be deemed the time of acquisition thereof and so the provision of paragraph 1 shall apply to such house.

Article 18.　The revaluation amount of intangible depreciable assets (excluding the mining rights) shall not exceed the amount computed by multiplying the acquisition cost of such assets by a multiple under the Attached Table No. III as determined according to the kind of assets and the time of acquisition.

Article 19.　The revaluation amount of tangible depreciable assets used for the mining (excluding houses owned by individual) and that of the mining right shall not exceed the amount computed by deducting the aggregate of legal limit of depreciation (meaning the maximum limit of depreciation charges to be counted in business expense or included in necessary expense in computing the income in accordance with the provisions of the Corporation Tax Law or the Income Tax Law) which has been taken during the term from the time of acquisition of the assets concerned to December 31, 1949 from the acquisition cost of the said assets and then by multiplying the balance so computed by a multiple under the Attached Table No. II as determined according to the time of acquisition.

2　The provision of Article 17 paragraph 2 shall apply mutatis mutandis to a case under the preceding paragraph.

Article 20.　The revaluation amount of the corporate business assets other than the depreciable assets, lands, rights to lands (meaning the surface right, permanent tenant right, servitude and right of rent as leasehold;hereinafter the same) and the shares (such assets shall hereinafter be referred to as "other business assets" ) shall not exceed the amount computed by multiplying the acquisition cost of such assets by a multiple under the Attached Table No. II as determined according to the time of acquisition of the assets concerned.

2　The revaluation amount of the other business assets owned by an individual shall be the amount of 17 times the appraised value for capital levy, with regard to those acquired prior to the time of investigation for capital levy, while, it shall be the amount computed by multiplying the acquisition cost by a multiple under the Attached Table No. IV as determined according to the time of acquisition, with regard to those acquired after the time of investigation for capital levy.

Article 21.　The revaluation amount of the lands and rights to lands owned by a corporation shall not exceed the amount computed by multiplying the acquisition cost by a multiple under the Attached Table No. V as determined according to the time of acquisition.

2　The revaluation amount of lands and rights to lands owned by an individual shall be the amount of 15 times the appraised value for capital levy, with regard to those acquired prior to the time of investigation for capital levy, while, it shall be the amount computed by multiplying the acquisition cost by a multiple under the Attached Table No. V, as determined according to the time of acquisition, with regard to those acquired after the time of investigation for capital levy.

Article 22.　The revaluation amount of shares owned by a corporation shall not exceed the amount determined in each of the following items;provided, however, that in case the abovementioned amount exceeds the price of shares as of the revaluation date (with regard to shares with the market price at the securities exchange as provided for in the Securities and Exchange Law, the average price of shares for the term of one month before the revaluation date), the revaluation amount shall not exceed such price:

2　In case a corporation is deemed to have revalued the newly acquired shares in accordance with the provision of Article 15, the revaluation amount as provided for in Article 6 paragraph 1, Article 14 paragraph 1 and the preceding paragraph as to the shares which are the inducement to such acquisition shall be deemed to be revised as the revaluation amount provided for in Article 24 at the time of new acquisition.

Article 23.　The revaluation amount of the shares owned by an individual shall be the amount computed in accordance with each item of paragraph 1 of the preceding Article (excluding item (8);hereinafter the same in this Article). Provided, however, that in cese the shares falls under such causes as provided for in the following items on or after the basic date, the revaluation amount of such share shall be the amount as prescribed by each item concerned:

Article 24.　The revaluation amount of shares deemed to have been revalued by a corporation by virtue of the provision of Article 15, and that of the shares which are the inducement to the acquisition of those deemed to have been revalued shall be the amount computed in accordance with the provision of each item of the preceding Article. In this case, in each item of the preceding Article "amount-under each item of paragraph 1 of the preceding Article" shall read "book-value-at the time of occurrence of such cause," in items 1, 4 and 5 of the preceding Article, "on or after the basic date" shall read "within the term from the revaluation date to the closing date of the accounting period covering December 31, 1954 (as for a corporation which transfers, before the opening date of the said accounting period, the amount corresponding to 75% of the revaluation reserve to the capital in accordance with the provision of Article 109 paragraph 1, the accounting period covering the date of such transfer;hereinafter the same in this Article)," in item (2) of the same Article, "from the basic date" shall read "from the revaluation date" and in item (3) of the same Article, "on or after April 1, 1950" shall read "within the term from April 1, 1950 to the closing date of the accounting period covering December 31, 1954."

2　In case the accounting period of a corporation (excluding that which is enumerated in Article 9 paragraph 6 of the Corporation Tax Law) exceeds six months, the term from the opening date of the accounting period to the previous day of the day after the lapse of six months from the said date and the term from the day after the lapse of six months from the said date to the closing date of the accounting period shall be deemed respectively one accounting period.

Article 25.　The revaluation amount of houses owned by an individual for non-business purposes, shall be the amount computed by multiplying the acquisition cost of such houses by a multiple as determined in the Attached Table No. I corresponding to the time of acquisition and useful life thereof. In this case, with regard to the house acquired before the time of investigation for capital levy, the appraised value for the capital levy shall be deemed the acquisition cost of such houses and the time of investigation for capital levy shall be deemed the time of acquisition thereof.

2　The revaluation amount of the non-business assets owned by an individual (excluding lands, rights to lands, houses and shares of stock) shall be the amount of 17 times the appraised value for the capital levy if the said assets were acquired before the time of investigation for capital levy, and it shall be the amount computed by multiplying the acquisition cost by a multiple as determined corresponding to the time of acquisition in the Attached Table No. IV if the said assets were acquired after the time of investigation for capital levy.

Article 26.　The revaluation amount of the individual house for business purpose which is deemed to have been revalued by virtue of the provision of Article 8 paragraph 2 (including a case where this provision applies mutatis mutandis in Article 10 paragraph 3, hereinafter the same), if such house was sold, donated, succeeded or bequeathed, shall be the amount computed in accordance with the provision of paragraph 1 of the preceding Article.

Article 27.　The revaluation amount of the depreciable assets revalued in accordance with the provision of Article 8 paragraph 1 which applies mutatis mutandis in Article 10 paragraph 1 shall, notwithstanding the provisions of Articles 17 to 19 inclusive, not exceed the maximum imit of revaluation computed in accordance with the provisions of these Articles minus the depreciation charge for the term from the basic date to the day when the assets were converted into the business use in accordance with the provisions of the Ministry of Finance Ordinance.

Article 28.　In case the individual assets are used for both business and non-business purposes at the basic date, such part of the assets as used for the business purpose shall be deemed the business assets and the other part thereof shall be deemed the non-business assets, and so this Law shall apply thereto.

2　In case the percentage of the part of the assets which is used for the business purpose has been increased after the basic date, the part of the assets corresponding to the increased percentage shall be deemed to have been used for the business purpose after the basic date.

Article 29.　With regard to the assets enumerated in each of the following items, the time and amount enumerated in the said items shall be deemed respectively the time of acquisition and the acquisition coat. However, this shall not preclude that the time and cost at which the person in posssession of the assets concerned at the basic date acquired the assets concerned shall be deemed the time of acquisition and the acquisition cost for the assets concerned, except for the case where the assets are deemed to have been revalued by virtue of the provisions of Article 8 paragraph 2 or Article 9 paragraph 1:

Article 30.　As for the assets as provided for in Articles 17 to 20 inclusive or Article 25 which were acquired for one year or more, the term involving the last day of the period concerned may be deemed the time of acquisition and the total of the amounts necessary for the acquisition of the said assets concerned may be deemed the acquisition cost.

Article 31.　In case a corporation has decreased the book value of its assets (excluding the depreciable assets and shares) before the revaluation date and has counted the decreased amount of the book value in business expense in computing the income in accordance with the provisions of the Corporation Tax Law, the cost of acquisition of the assets concerned less the decreased amount shall be deemed the acquisition cost at the time of acquisition.

2　In case a corporation has decreased the book value of the depreciable assets or the shares (excluding the depreciation of the fixed assets;hereinafter the same) before the revaluation date and has counted the decreased amount of the book value in business expense in computing the income in accordance with the provisions of the Corporation Tax Law, the term involving the time of the decrease (in case the decrease was made for two or more times, the time of the last decrease) shall be deemed the time of acquisition and the book value at the time just after the decrease shall be deemed the acquisition cost.

3　The provisions of the preceding two paragraphs shall not apply to the decreased amount of the book value in the case where the amount equivalent to the decreased amount of the book value was counted as the amount enumerated in Article 3 item (1) of the Enterprise Reconstruction and Reorganization Law in computing the special loss under the provision of the same Law or in the case where it was counted as the confirmed loss under the provision of the Financial Institutions Reconstruction and Reorganization Law.

Article 32.　With regard to the depreciable assets (excluding houses) which were acquired to an individual before the time of investigation for capital levy but of which acquisition time or cost is unknown, the time of investigation for capital levy shall be deemed the time of acquisition and the appraised value for capital levy be deemed the acquisition cost of such assets.

2　With regard to the land, right to land or house acquired to a corporation before the time of investigation for capital levy and of which acquisition time or cost is unknown, the time of investigation for capital levy shall be deemed the time of acquisition and the appraised value for capital levy be deemed the acquisition cost of such assets.

Article 33.　With regard to the assets which are other than those as provided for in the preceding Article and of which acquisition time or cost is unknown, the time of acquisition and the acquisition cost shall be determined by Ministry of Finance Ordinance.

2　In establishing the Ministry of Finance Ordinance under the preceding paragraph, the Minister of Finance shall consult the Assets Revaluation Deliberation Council.

Article 34.　With regard to the assets which had been held from the time prior to the time of investigation for capital levy and which have no apraised value for capital levy, the value as prescribed by Ministry of Finance Ordinance shall be deemed the appraised value for capital levy.

2　The provision of paragraph 2 of the preceding Article shall apply mutatis mutandis to the Ministry of Finance Ordinance under the preceding paragraph.

Article 35.　With regard to the assets which have been obsolete at the basic date or other assets of which the value at the basic date is conspicuously or remarkably lower than the maximum limit of revaluation amount computed in accordance with the provisions of Articles 17 to 20 paragraph 1 inclusive or Article 21 paragraph 1, the revaluation amount of such assets shall not, notwithstanding these provisions, exceed the amount as prescribed by Ministry of Finance Ordinance.

2　The provision of Article 33 paragraph 2 shall apply mutatis mutandis to the Ministry of Finance Ordinance under the preceding paragraph.

Article 36.　Any person who has revalued his assets in accordance with the provision of Article 6 paragraph 1, Article 8 paragraph 1 (including the case where this applies in mutatis mutandis Article 10 paragraph 1) or Article 14 paragraph 1 or is deemed to have revalued his assets by virtue of the provision of Article 15 or Article 16 paragraph 5 and any person being at the basic date, in possession of the assets which are deemed to have been revalued by virtue of the provision of Article 8 paragraph 2 or Article 9 paragraph 1 shall be liable to pay the revaluation tax in accordance with the provisions of this Law.

Article 37.　Revaluation tax shall be assessed on the revaluation profit as provided for in Articles 40 to 43 inclusive.

Article 38.　An amalgamating corporation shall be liable to pay the revaluation tax on the revaluation profit with respect to the assets held by the amalgamated corporation at the revaluation date.

2　In the case of succession, the successor shall be liable to pay the revaluation tax on the revaluation profits with respect to the assets held by the decedent at the revaluation date.

3　In the case under the preceding paragraph, if there are two or more successors, each successor shall assume the joint liability for the revaluation tax to be paid by other successors, within the extent of the amount of benefit received by him.

Article 39.　Revaluation tax shall not be assessed on the corporations as enumerated in each of the following items:

Article 40.　As for the assets (excluding shares of stock) which have been revalued by a corporation, the revaluation profit shall be the, balance after the deduction of the book value of the said assets at the time just prior to the revaluation date from the revaluation amount of the said assets.

2　In the case as prescribed in each of the following items, the total of the book value of the assets at the time just prior to the revaluation date and the amount as prescribed in each items concerned shall be deemed the book value of the assets as provided for in the preceding paragraph and the provision of the same paragraph shall apply thereto:

3　In the case as prescribed in each of the following items, the amount as prescribed in each item concerned shall, notwithstanding the provision of paragraph 1, be deemed the revaluation profits of the assets under the provision of the same paragraph:

Article 41.　As for the shares revalued by a corporation in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1 or the shares deemed to have been revalued by virtue of the provision or Article 15, the revaluation profit shall be the one computed in accordance with the provision of the preceding Article. However, in the said computation as to the shares as enumerated in each of the following items, the amount as enumerated in each item concerned shall be treated as the book value at the time just prior to the revaluation date as provided for in paragraph 1 of the preceding Article:

2　In case the amount is computed in accordance with the provision of Article 43 paragraph 1 "items (2) to (4) inclusive or item (6) by virtue of the provisions of items (1) to (3) inclusive and item (5) of the preceding paragraph," the book value-at the time just prior to the revaluation date "shall be substituted for" the amount-under paragraph 1 item (1) or item (2) of the preceding Article".

3　As for the shares deemed to have been transferred by virtue of the provision of Article 52 paragraph 2, the revaluation profit shall, notwhstanding the provision of paragraph 1, be computed in accordance with the provision of Article 43 paragraph 4. In this case, "the book value at the time just prior to the revaluation date" shall be substituted for "the appraised value for capital levy or the cost of acquisition of the said shares as referred to in paragraph 1"

Article 42.　As for the depreciable assets which an individual has revalued, the revaluation profit shall be the balance after the deduction of the amount enumerated in each of the following items from the revaluation amount of the said assets:

2　As for the houses which have not been actually revalued in accordance with the provision of Article 8 paragraph 1 (including the case where it applies mutatis mutandis in Article 10 paragraph 1;hereinafter the same in this Article) but are deemed to have been revalued by virtue of the provision of Article 8 paragraph 2 or as for the assets (excluding shares of stock) which are deemed to have been revalued by virtue of the provision of Article 9 paragraph 1, the revaluation profit shall be the balance after the deduction of the amount as enumerated in each item of the preceding paragraph (as for the assets as provided for in Article 10-(7) of the Income Tax Law, the said amount plus the depreciation amount computed, as may be prescribed by Ministry of Finance Ordinance, according to the term between the basic date and the day when the said assets were sold, donated, succeeded or bequeathed) from the revaluation amount of the said assets. However, if the selling price of the said assets or the value of the said assets at the time of the donation, succession or bequest (in case the said assets have been improved or increased after the basic date, excluding the part thus improved or increased), is less than the revaluation amount of the said assets (as for the assets as provided for in Article 10-(7) of the Income Tax Law, the balance after the deduction of the depreciation amount as referred to in the main clause), the revaluation profit of the said assets shall be the balance after the deduction of the amount as enumerated in each item of the preceding paragraph from the selling price concerned or from the value at the time of the donation, succession or bequest.

3　In case an individual is deemed, by virtue of Article 8 paragraph 2, to have revalued his houses which he revalued in accordance with the provision of Article 8 paragraph 1, the revaluation profit of the said houses shall be the balance after the deduction of the total of the depreciation amount under the main clause of the preceding paragraph and the revaluation amount under the provisions of Article 8 paragraph 1 and Article 17 paragraph 1 and paragraph 3 from the revaluation amount as provided for in Article 26. However, if the selling price of the said houses or the value of the houses at the time of the donation, succession or bequest (in case the houses have been improved or expanded, excluding the part thus improved or expanded) is less than the balance after the deduction of the depreciation amount under the main clause of the preceding paragraph from the revaluation amount of the said houses as provided for in Article 26, the revaluation profit of the said houses shall be the balance after the deduction of the revaluation amount as provided for in Article 8 paragraph 1 and Article 17 paragraph 1 and paragraph 3 from the selling price or the value at the time of the donation, succession or bequest.

4　In the case under the proviso to paragraph 2 or under the proviso to the preceding paragraph, if the assets have been sold at the consideration of a remarkably low price, the value prevailing at the time of the sale shall be deemed the selling price of the said assets.

Article 43.　As for the shares deemed to have been revalued by virtue of the provision of Article 9 paragraph 1, the revaluation profit shall be the balance computed by deducting the appraised value for capital levy or the cost of acquisition under paragraph 1 item (1) or item (2) of the preceding Article from the revaluation amount of the said shares on distinguishing whether the time of acquisition is before or after the time of investigation for capital levy. However, in the computation of revaluation profit of the shares as enumerated in each of the following items, the amount as enumerated in each item concerned shall be deemed the appraised value for capital levy or the cost of acquisition of the said shares:

2　As for the shares deemed to have beeh revalued by virtue of the provision of Article 9 paragraph 1, if the selling price of such shares or their value at the time of the donation, succession or bequest is less than the revaluation amount of the said shares, the revaluation profit shall, notwithstanding the provision of the preceding paragraph, be the balance after the deduction of the appraised value for capital levy or the cost of acquisition as referred to in the same paragraph from the said selling price or the value at the time of the said donation, succession or bequest.

3　The provision of paragraph 4 of the preceding Article shall apply mutatis mutandis to the selling price under the preceding paragraph.

4　As for the shares deemed to have been sold by virtue of the provision of Article 9 paragraph 3, the revaluation profit shall, notwith standing the provisions of paragraph 1 and paragraph 2, be the excess of the total amounts of money and other properties (as for the shares of stock, their paid-up amount) acquired in relation to the said shares (if these amounts of money and other properties have been acquired for several times, the cumulative amount of them) over the appraised value for capital levy or the cost of acquisition of the said shares as referred to in paragraph 1, but limited to the case where the said excess consists of the acquired total of the amounts of money and the properties other than money and shares and also is other than the amounts deemed, by virtue of the provision of each item of Article 5 paragraph 1 or each item of Article 10-(2) paragraph 3 of the Income Tax Law to be the dividends of profits, the distribution of surpluses or the capital gains as referred to under Article 9 paragraph 1 item (8) of the same Law. However, in case the shares have been sold, donated, succeeded or bequeathed after they were deemed to have been sold by virtue of the provision of Article 9 paragraph 3, the revaluation profit of the said shares shall be the balance after the deduction of the revaluation profit computed under the main clause from the revaluation profit computed in accordance with the provision of paragraph 1 or paragraph 2.

Article 44.　The rate of revaluation tax shall be 6% of the revaluation profits.

Article 45.　A corporation which has revalued its assets in accordance with the provision of Article 6 paragraph 1 shall file a return on its revalued assets, stating therein the total of revaluation amounts, the total of revaluation profits, the total of revaluation tax and the matters as may by prescribed by Ministry of Finance Ordinance, with the chief of the taxation office having jurisdiction over the place of taxpayment within two months (in case the revaluation date is on or before August 31, 1950, if the closing date of the accounting period covering the revaluation date is on or after September 1 of the same year, by August 31 of the same year) from the closing date of the acconnting period covering the revaluation date.

2　A corporation which has revalued its assets in accordance with the provision of Article 14 paragraph 1 shall file a return on its revalued assets, stating therein the matters as provided for in the preceding paragraph, with the chief of the taxation office having jurisdiction over the place of taxpayment within two months from the revaluation date.

3　In case the due date of filing returns as provided for in the preceding two paragraphs is before July 31, 1950, if the corporation has reported the postponement of filing the returns to the chief of the taxation office having jurisdiction over the place of taxpayment by May 15 of the same year, the corporation may postpone the filing of the return until July 31 of the same year.

4　A corporation shall make one detailed statements on its revalued assets for each city, town or village (as for such area in Tokyo-To as being divided into special wards, each of the special wards;and as for the cities as provided for in Article 155 paragraph 2 of the Local Autonomy Law (Law No.67 of 1947), each of the said cities;hereinafter the same) where the assets are located, stating therein, as to its revalued assets, the revaluation amount, revaluation profit, revaluation tax, maximum limit of revaluation amount and the necessary matters for the computation of these amounts and, as to its tangible depreciable assets and land which have not been revalued, the amount equivalent to the maximum limit of revaluation amount as provided for in Article 17, Article 19 or Article 21 and the necessary matters for the computation of this amount, and then the corporation shall as may be prescribed by Ministry of Finance Ordinance, file such detailed statements and their copies together with the return under paragraph 1 or paragraph 2.

5　In case a corporation which was required to file a return by virtue of the provision of paragraph 1 or paragraph 2 has ceased to exist due to the amalgamation without filing the return, the amalgamating corporation shall file a return in accordance with the provisions of the preceding four paragraphs.

6　The provision of Article 24 paragraph 2 shall apply mutatis mutandis to the accounting period as provided for in paragraph 1.

7　In case a corporation which is able to make revaluation in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1 has not revalued its assets by August 31, 1950 in accordance with such provisions, it shall file, by the same date, a return stating therein the effect that it has not revalued its assets, with the chief of the taxation office having jurisdiction over the place of taxpayment. In this case, the corporation shall make one statement on the tangible depreciable assets and land owned by the said corporation at the basic date, stating therein the amount equivalent to the maximum limit of revaluation amount as provided for in Article 17, Article 19 or Article 21 and the necessary matters for the computation of that amount, for each city, town or village where the said assets are located and then the corporation shall, as may by prescribed by Ministry of Finance Ordinance, file such statements and their copies together with the abovementioned return.

8　The chief of taxation office shall, if the detailed statements as provided for in paragraph 4 (including the case where it applies mutatis mutandis in paragraph 5) or the statements as provided for in the latter part of the preceding paragraph have been filed, ascertain the correctness of their copies and shall send them immediately to the Local Finance Committee or the head of the city, town or village where such assets are located, as may be prescribed by Ministry of Finance Ordinance.

Article 46.　An individual who has revalued his assets in accordance with the provision of Article 8 paragraph 1 or Article 16 paragraph 1 shall file a return on his revalued assets, stating therein thd total of the revaluation amounts, total of the revaluation profits, total of fhe revaluation tax and the matters as prescribed by Ministry of Finance Ordinance, with the chief of the taxation office having jurisdiction over the place of taxpayment by August 31, 1950 (in case the individual has revalued his assets in accordance with the provision of Article 16 paragraph 1, if he has known the fact of the succession or bequest on or after May 1 of the same year, within four months from the day when he knew the fact). However, if the basic date for the assets revalued in accordance with the provision of Article 8 paragraph 1 is on or after July 1 of the same year, the return shall be filed by January 31 of the next year of the year covering the basic date.

2　An individual who has revalued his assets in accordance with the provision of Article 8 paragraph 1 which applies mutatis mutandis in Article 10 paragraph 1 shall file a return on the said assets, stating therein the matters prescribed in the preceding paragraph, with the chief of the taxation office having jurisdiction over the place of taxpayment within the term from January 1 to 31 of the same month of the next year of the year covering the day when the said assets have been used for business for the first time.

3　An individual who has revalued his assets in accordance with the provision of Article 16 paragraph 2 or paragraph 3 shall file a return on his revalued assets, stating therein the matters as referred to in paragraph 1, with the chief of the taxation office having jurisdiction over the place of taxpayment by the day after the lapse of four months from the day when he knew the fact of the succession or bequest (if the day is on or before August 31, 1950, the same date;hereinafter the same in this Article).

4　The provision of paragraph 4 of the preceding Article shall apply mutatis mutandis to the filing of the returns under the preceding three paragraphs. However, it shall not be required to attach the copy of the detailed statement to the return under the preceding two paragraphs.

5　In case an individual who was required to file a return by virtue of the provisions of paragraphs 1 to 3 inclusive has died without filing the return, his successor shall file a return in accordance with the provisions of the preceding four paragraphs by the day after the lapse of four months from the day when he knew the fact of succession or bequest.

6　In case an individual who has revalued his assets in accordance with the provision of Article 8 paragraph 1 (including the case where it applies mutatis mutandis in Article 10 paragraph 1;hereinafter the same) or Article 16 becomes to have no residence in the enforcement area of this Law before the due date of filing returns as provided for in paragraphs 1 to 3 inclusive without having declared the administrator for taxpayment as referred to in Article 91, he shall file a return in accordance with the provisions of paragraphs 1 to 4 inclusive by the day when he becomes to have no residence.

7　The provision of paragraph 8 of the preceding Article shall apply mutatis mutandis to the copy of the detailed statement which is to be attached, by virtue of the provision of paragraph 4 of the preceding Article which applies mutatis mutandis in paragraph 4 (including the case where it is applicable in paragraph 5), to the return under paragraph 1.

Article 47.　As for the assets deemed to have been revalued by virtue of Article 8 paragraph 2 or Article 9 paragraph 1, an individual who has sold or donated such assets shall file a return on the assets concerned, stating therein the revalution amounts, revaluation profit, revalution tax (if he has two or more of the said assets, the aggregates for each of these amounts) and the matters prescribed by Ministry of Finance Ordinance, with the chief of the taxation office having jurisdiction over the place of taxpayment within the term from January 1 to 31 of the same month of the next year of the year covering the day of the said sale or donation and if such assets have been succeeded or bequeathed, the successor or the person concerned shall file the said return by the day (if the day is on or before August 31, 1950, the said date) after the lapse of four months from the day when he knew the fact ef succession or bequest.

2　In case the provision of Article 9 paragraph 4 applies, if the shares are deemed to have been sold twice or more during the year, the amount of revaluation profits and revaluation tax corresponding to such amount of money and the properties other than money and share as is equivalent to the excess under the preceding paragraph acquired during the said year shall be entered in the return under the same paragraph together with the revaluation amount of the shares concerned.

3　The provision of Article 45 paragraph 4 shall apply mutatis mutandis to the filing of the return under paragraph 1.

4　The provisions of paragraph 5 and paragraph 6 of the preceding Article shall apply mutatis mutandis to the person who is required to file a return by virtue of the provision of paragraph 1.

Article 48.　In case a corporation or an individual that has filed a return in accordance with the provision of Article 45 or Article 46 has entered, in the return or in the attached detailed statement, the revaluation amount which exceeds the maximum limit as provided for in Chapter III or in case there is found any error in the computation of revaluation profits made by such corporation or individual, such corporation or individual may file a revised return, stating therein such entries in these returns or detailed statements as are to be revised and the matters prescribed by Ministry of Finance Ordinance, with the chief of the taxation office having jurisdiction over the place of taxpayment only within the term of six months from the due date of filing these returns, unless the correction has been noticed as to these returns in accordance with the provision of Article 69.

2　In the case under the preceding paragraph, if the excessive revaluation amount over the maximum limit as provided for in Chapter III is revised, the revaluation amount to be entered in the revised return shall be equal to the maximum limit.

3　An individual who has filed a return in accordance with the provision of the preceding Article may, if there is found any error in the matters entered in his return or the attached detailed statement, file a revised return, stating therein such entries in the said return or the said detailed statement as are to be revised and the matters prescribed by Ministry of Finance Ordinance, with the chief of the taxation office having jurisdiction over the place taxpayment, unless the correction has been noticed as to the return in accordance with the provision of Article 69.

4　On filing the revised return under paragraph 1 or the preceding paragraph, the person shall, as may be prescribed by Ministry of Finanee Ordinance, also file a detailed statement stating therein the matters necessary for the revaluation amount, revaluation profits or revaluation tax.

5　In case a corporation which has been allowed to file a revised return in accordance with the provision of paragraph 1 has ceased to exist due to amalgamation without having filed a revised return, the amalgamating corporation may file a revised return in accordance with the provisions of paragraph 1, paragraph 2 and the preceding paragraph.

6　In case an individual who has been allowed to file a revised return in accordance with the provision of paragraph 1 or paragraph 3 has died without having filed a revised return, his successor may file a revised return in accordance with the provisions of paragraphs 1 to 4 inclusive.

Article 49.　In dase there are found the difficulties of communication and transportation or other inevitable causes over the whole or a part of any prefecture (To, Do, Fu or Ken), the Director of Tax Administration Agency may postpone the due date filing returns as provided for in Articles 45 to 47 inclusive, designating the area and the date.

2　In case the Director of Tax Administration Agency has designated the area and the date pursuant to the preceding paragraph, he shall post this for information.

3　In case there are found the calamities or other inevitable causes, the chief of taxation office may, on receiving the application of the taxpayer, postpone the due date of filing returns as provided for in Articles 45 to 47 inclusive, designating the date.

4　A person who intends to be favoured with the application of the preceding paragraph shall submit a written application stating therein the causes to the chief of the taxation office having jurisdiction over the place of taxpayment.

Article 50.　In case a corporation or an individual that has revalued the assets in accordance with the provision of Article 6 paragraph 1, Article 8 paragraph 1, Article 14 paragraph 1 or Article 16 has failed to file a return as referred to in Article 45 or Article 46 by the due date of filing returns under these provisions, the revaluation made by such corporation or individual shall be nullified retrospectively from the revaluation date. In case the revaluation amount after such revaluation exceeds the revaluation amount which is stated in the return filed in accordance with these provisions or in the detailed statements attached to the return, this shall also apply to the revalution as to the amount of such excess.

Article 51.　The corporation which made revaluation with regard to its depreciable assets shall pay the revaluation tax equivalent to the amount enumerated in any one of the following items as a part of the revaluation tax on the assets concerned within two months (or by July 31, 1950, with regard to the tax on the corporation subject to Article 45 paragraph 3 (including the case where this is applicable in paragraph 5 of the same Article;hereinafter the same) for the accounting period involving the revaluation date) from the closing date of each accounting period included in the term from the accounting period involving the revaluation date to the accounting period involving the previous day of the day after the lapse of three years from the revaluation date:

2　In case of computing the number of months under each item of the preceding paragraph, if there is a fraction, the fraction not more than 15 days shall be discarded and the fraction more than 15 days shall be deemed a month.

3　In case a corporation has sold or donated its revalued depreciable assets (including the depreciable assets revalued by the amalgamated corporation, if the corporation concerned is an amalgamating corporation), if there is any tax amount (including the amount of tax of which the payment was postponed in accordance with the provision of Article 56) of which due date of payment under the provision of paragraph 1 has not yet come by the day of the sale or donation, among the amount of revaluation tax on the assts concerned, the corporation concerned shall pay to the Government the revaluation tax equal to the said amount of tax within two months from the closing date of the accounting period involving the day of the sale or donation, notwithstanding the provision of paragraph 1.

4　The provision of Article 24 paragraph 2 shall apply mutatis mutandis to the accounting period under paragraph 1 and the preceding paragraph.

5　The special rules for the provision of paragraph 1 in the case where the accounting period of a corporation is less than six months or where the corporation which revalued its assets has ceased to exist due to amalgamation, shall be prescribed by Cabinet Order.

Article 52.　The corporation (including the amalgamating corporation thereof) which has made revaluation with regard to its assets other than the depreciable ones shall pay the revaluation tax on the assets concerned to the Government within two months from the closing date of the accounting period involving the day of the sale or donation of the assets concerned;provided, that the corporation which has not sold or donated the assets concerned by the closing date of the accounting period involving December 31, 1954 shall pay to the Government the revaluation tax on the assets concerned within two months from closing date of the accounting period concerned.

2　In case a coporation has acquired on or after the revaluation date, the money and the property other than money (excluding a case where it has acquired only the share of stock), in relation to the share revalued by the corporation (including the share deemed to have been revalued by virtue of the provision of Article 15, and including the share revalued or deemed, by virtue of the provision of the same Article, to have been revalued by the amalgamated corporation in case the corporation concerned is an amalgamating corporation;hereinafter the same), on account of the redemption of the share of stock, on account of the decrease of capital stock, dissolution or amalgamation of the issuing corporation, on account of the allotment of shares due to the investment of assets to the second company or the new company by the issuing corporation, or on account of the retirement or secession of the corporation, if the total (cumulated amount, in case the money or the property has been acquired by installments;hereinafter the same in this paragraph.) of the amount of money and value of property (the paid-up amount, in case the property concerned is the shares;hereinafter the same in this paragraph) exceeds the book value of the revalued shares under the provision of Article 41 paragraph 1 at the time just prior to the revaluation date, the share concerned shall be deemed to have been sold for the purpose of the application of the preceding paragraph. In this case, if the distribution of the residual assets of the issuing corporation is not finished by the closing date of the accounting period (as for the corporation which has transferred the amount equivalent to 75% of the revaluation reserves in capital in accordance with the provision of Article 109 paragraph 1 before the opening date of the accounting period concerned, the accounting period covering the day of the transfer) involving December 31, 1954 and if the acquired total of the money and the property is less than the revaluation amount of the share concerned, the money equal to the deficiency shall be deemed to have been acquired at the same date.

3　In the case under the preceding paragraph, if the money and the property other than money equal to the excess amount have been acquired for two or more accounting periods, the revaluation tax on the share concerned corresponding to the amount of money acquired in each accounting period shall be paid to the Government within two months from the closing date of each accounting period concerned.

4　The provisions of the preceding two paragraphs shall not apply to the case where the shares revalued by a corporation are those which were issued by a corporation having dissolved on or before March 31, 1950 or by a corporation having ceased to exist due to amalgamation on or before the same date.

5　The provision of Article 24 paragraph 2 shall apply mutatis mutandis to the accounting period under paragraph 1 and paragraph 3.

Article 53.　An individual who has made revaluation with regard to his depreciable assets in accordance with the provision of Article 8 paragraph 1 or a successor who has made revaluation with regard to the depreciable assets in accordance with the provision of Article 16 paragraph 1 or 3 and whose succession commenced on or before March 31, 1950, shall pay to the Government the part equal to 20% of the revaluation tax on the assets concerned during the term from 1st to 31st of January of each year for five years from 1951 (if the due date of filing the return under the provision of Article 46 paragraph 2 (including the case where this is applicable in paragraph 5 of the same Article) is in 1952 of thereafter, the year covering the due date of filing the return).

2　In case the depreciable assets revalued by an individual or a successor under the provision of the preceding paragraph have been sold, donated, succeeded or bequeathed on or after the revaluation date, if, among the revaluation tax on the assets concerned, there is any amount of tax (including an amount of tax postponed to pay in accordance with the provision of Article 58) of which due date of payment under the provision of the same paragraph has not yet come by the day of the sale, donation, succession or bequest, the individual, successor or their successors shall, notwithstanding the provision of the preceding paragraph, pay the revaluation tax equal to the said amount to the Government within the term enumerated in any one of the following items:

3　The successor who has made the revaluation in accordance with the provision of Article 16 (excluding the successor as referred to in paragraph 1) shall pay to the Government the revaluation tax on his revalued depreciable assets by the due date of filing the return under the provision of Article 46 paragraph 1, paragraph 3 or paragraph 5.

4　An individual who has filed the return in accordance with the provision of Article 46 paragraph 6 shall, notwithstanding the provisions of the preceding three paragraphs, pay to the Government the revaluation tax on the revalued depreciable assets by the due date of filing the return under Article 46 paragraph 6.

Article 54.　An individual who has sold or donated the assets which were deemed to have beeu revalued by virtue of the provision of Article 8 paragraph 2 or Article 9 paragraph 1, or a successor of the individual in the case where the succession or bequest of the assets concerned has been made, shall pay to the Government the revaluation tax on the assets concerned by the due date of filing the return under Article 46 paragraph 6 as applied mutatis mutandis in Article 47 paragraph 1 or paragraph 4 (or by the day of actual filing of the return, in case the return has been filed after the due date of filing the return).

2　An individual who has filed the return in accordance with the provision of Article 46 paragraph 6 as applied mutatis mutandis in Article 47 paragraph 4 shall pay to the Government the revaluation tax on the assets concerned by the due date of filing the return as referred to in Article 46 paragraph 6, notwithstanding the provision of the preceding paragraph.

Article 55.　In case the revised return has been filed in accordance with the provision of Article 48, if the revaluation tax has increased due to the filing of the revised return, the corporation or individual having filed the revised return shall pay to the Government such increase in revaluation tax on the day of filing the revised return.

2　In the case under the provision of the preceding paragraph, if, among the revaluation tax before the increase due to the filing of the revised return, there is any amount of tax of which due date of payment under the provision of Article 51 paragraph 1 or Article 53 paragraph 1 has not yet come by the day of filing the revised return concerned, a person who has filed the revised return concerned shall after pro-rating the increase in the tax to the amounts of revaluation tax before increase to be paid at the due date of payment under these provisions, pay the increase in the tax corresponding to the part of revaluation tax before increase of which due date of payment has already come, to the Government in accordance with the provision of the preceding paragraph and shall pay the increase in the tax corresponding to the part, of which due date of payment has not yet come, notwithstanding the provision of the same paragraph, to the Government on the said due date of payment (including the due date of payment under the provision of Article 51 paragraph 3 or Article 53 paragraph 2).

Article 56.　In case the total amount of the revaluation taxes (including the increase in the tax amount corresponding to the part of the revaluation tax before increase of which due date of payment has not yet come by the day of filing the revised return under the provision of paragraph 2 of the preceding Article, and if there is any amount of tax to be paid within two months from the closing date of the preceding accounting period, of which the payment has been postponed in accordance with the provision of this Article, aggregating the amount of tax concerned;hereinafter the same in this Article) to be paid within two months (or, if the previous day of the day after the lapse of two months from the closing date of the accounting period involving the revaluation date of the corporation subject to the provision of Article 45 paragraph 3 is before July 31, 1950, by the same date with regard to the tax for the accounting period concerned;hereinafter the same in this Article) from the closing date of each accounting period in accordance with the provision of Article 51 paragraph 1, exceeds the amount obtained by deducting the legal limit of depreciations before revaluation for the accounting period from the profit before depreciation for the accounting period concerned or from the legal limit of depreciation after revaluation for the accounting period concerned, whichever is the lower, and then by multiplying the balance thus computed by 35%, the corporation which is to pay the revaluation tax on the depreciable assets may defer the payment of the tax within the extent of such excess amount till the previous day of the day after the lapse of two months from the closing date of the next accounting period of the accounting period concerned.

2　In case the corporation liable to pay the revaluation tax on its depreciable assets within two months from the closing date of each accounting period in accordance with the provision of Article 51 paragraph 1 has not any profit before depreciation for the accounting period or in case the profit before depreciation is less than the legal limit of depreciation before revaluation for the accounting period concerned, the corporation concerned may postpone the payment of the tax within the extent of the total revaluation tax to be paid within two months from the closing date of the accounting period concerned in accordance with the provision of the same paragraph till the previous day of the day after the lapse of two months from the closing date of the next accounting period of the accounting period concerned.

3　The provisions of the preceding two paragraphs shall not apply to the case where the accounting period concerned is the one involving December 31, 1954.

4　The provisions of paragraph 1 and paragraph 2 shall not apply to the corporation which does not file the blue return under the provision of Article 25 of the Corporation Tax Law with regard to the income for the accounting period concerned under the provisions of the same Law.

5　Any corporation which intends to postpone the payment of the revaluation tax in accordance with the provision of paragraph 1 or paragraph 2 shall report, to the chief of the taxation office having jurisdiction over the place of tax payment within two months from the closing date of the accounting period concerned, the intention of the deferred payment, attaching the detailed statements on the profit before depreciation and the legal limit of depreciation after and before revaluation for the accounting period concerned, the total revaluation tax to be paid within two months from the closing date of the accounting period concerned in accordance with the provision of Article 51 paragraph 1 and the revaluation tax which the corporation intends to pay at the postponed date in accordance with the provision of paragraph 1 or paragraph 2.

6　In case the revaluation tax mentioned in the report under the preceding paragraph so as to be paid at the postponed date is overestimated, the corporation which reported the matter may report to the chief of the taxation office having jurisdiction over the place of taxpayment to the effect that the corporation intends to amend the report under the preceding paragraph attaching the detailed statements entering therein such entries in the detailed statement under the same paragraph as are to be amended unless the corporation receives the demand under the provision of Article 64 with respect to the overestimated revaluation tax amount. In this case, among the revaluation tax mentioned in the report under the same paragraph so as to be paid at the postponed date, the amount of tax which has come to be excessive due to the amendment shall be paid to the Government simultaneously with the report of amendment.

7　The provision of Article 24 paragraph 2 shall apply mutatis mutandis to the accounting period under the provisions of paragraphs 1 to 5 inclusive.

Article 57.　The "gross income before depreciation" as used in the preceding Article shall mean this amount:the total business expense for the accounting period concerned under the provisions of the Corporation Tax Law (excluding the business expense as referred to in Article 9 paragraph 5 of the same Law;hereinafter the same in this paragraph) minus the depreciation charges of the fixed assets for the accounting period which are included in the business expense in computing the income in accordance with the provision of the same Law;the amount thus obtained is deducted from the total gross income for the accounting period under the provision of the same Law. In this case, if the correction or determination under the provisions of Articles 29 to 31 inclusive of the same Law is made with regard to the income for the accounting period concerned, the total business expense and total gross name as a basis for computation of the income under the correction and determination shall be used for this computation.

2　With regard to the corporation subject to the provision of the main clause of Article 19 paragraph 1 of the Corporation Tax Law (including a case where this applies mutatis mutandis in paragraph 7 of the same Article;hereinafter the same in this paragraph), the gross income before depreciation under the preceding paragraph shall, in the term from the opening date of the accounting period to the previous day of the day after the lapse of six months from the opening date, be the amount obtained by multiplying the gross income before depreciation (as for the correction or determination made on or after the day after the lapse of seven months from the opening date of the accounting period concerned in accordance with the provisions of Articles 29 to 31 inclusive of the same Law, gross income before depreciation which is computed without applying the provision of the latter part of the of preceding paragraph) for the preceding accounting period by 6, and then by dividing the amount so computed by number of months of the preceding accounting period, and shall, in the term from the next day to the closing date of the accounting period concerned, be the gross income before depreciation, as computed for the accounting period concerned in accordance with the provision of the preceding paragraph, less the said amount. With regard to the corporation subject to the provision of the proviso to Article 19 paragraph 1 or Article 20 paragraph 1 of the Corporation Tax Law, it shall, in the term from the opening date of the accounting period concerned to the previous day of the day after the lapse of six months from the opening date, be the gross income before depreciation as computed for the said term in accordance with the provision of the preceding paragraph, and shall, in term from the next day to the closing date of the accounting period concerned, be the gross income before depreciation as computed for the accounting period concerned in accordance with the provision of the same paragraph, less the said gross income before depreciation.

3　The number of months under the provision of the preceding paragraph shall be computed on the basis of the calendar, and a fraction of a month shall be discarded.

4　The "legal limit of depreciation after revaluation" as used in the preceding Article shall mean the amount of the depreciable limit of the depreciable assets determined as being includible in the business expense in computing the income for the accounting period concerned under the provisions of the Corporation Tax Law (or the provision of the same Law and Article 121 of this Law, with regard to the revalued depreciable assets), and "legal limit of depreciation before revaluation" shall be the amount of depreciable limit, to be includible in the business expense in computing the income under the provisions of the Corporation Tax Law, which is computed according to the term of the accounting period concerned on the basis of the book value (or added by the amount enumerated in each item of Article 40 paragraph 2, if the assets are subject to the provision of the same paragraph) at the time just prior to the revaluation date (as for the assets which are not to be revalued, the day which is to be the revaluation date if the assets are revalued), with regard to the depreciable assets owned by the corporation (including the amalgamated corporation, in case the corporation is an amalgamating corporation) at the basic date.

5　The provision of Article 24 paragraph 2 shal apply mutatis mutandis to the accounting period under the preceding paragraph.

Article 58.　In case the total revaluation tax to be paid within the term from 1 to 31 of January of each year in accordance with the provision of Article 53 paragraph 1 (including the increase in the tax amount corresponding to the part of the revaluation tax of which due date of payment has not yet come by the day of filing the revised return under the provision of Article 55 paragraph 2, and in case there is any amount of tax to be paid within the term from January 1 to 31 of the same month of the preceding year, which was postponed to pay in accordance with the provision of this Article, adding the amount of the tax thereto, hereinafter the same in this Article) exceeds the amount obtained by deducting the legal limit of depreciation before revaluation from the gross income before depreciation for the preceding year or from the legal limit of depreciation after revaluation for the preceding year, whichever is the lower, and then by multiplying the balance thus computed by 35%, an individual who is to pay the revaluation tax on the depreciable assets may defer the payment of the tax within the extent of such excess amount till the term from 1 to 31 of January of the next year.

2　In case an individual who is liable to pay the revaluation tax on the depreciable assets within the term from 1 to 31 of January of each year in accordance with the provision of Article 53 paragraph 1 has no gross income before depreciation for the preceding year, or in case the said gross income before depreciation is less than the legal limit of depreciation before revaluation for the preceding year, he may defer the payment of the tax within the extent of the total revaluation tax to be paid within the term from 1 to 31 of January of the year in accordance with the provision of the same paragraph till the term from 1 to 31 of January of the next year.

3　The provisions of the preceding two paragraphs shall not apply to the case where the said year is 1956.

4　The provisions of paragraph 1 and paragraph 2 shall not apply to the individual who does not file the blue return under the provision of Article 26-(4) of the Income Tax Law with regard to the income under the provision of the same Law for the preceding year.

5　An individual who intends to defer the payment of the revaluation tax in accordance with the provision of paragraph 1 or paragraph 2 shall report the intention of deferred payment to the chief of the taxation office having jurisdiction over the place of taxpayment within the term from 1 to 31 of January of the year attaching the detailed statement on the gross income before depreciation for the preceding year, the legal limit of depreciation after and before revaluation for the preceding year, the total of the revaluation tax to be paid within the term from 1 to 31 of January of the year in accordance with the provision of Article 53 paragraph 1 and the amount of revaluation tax of which he intends to defer the payment in accordance with the provision of paragraph 1 or paragraph 2.

6　The provision of Article 56 paragraph 6 shall apply mutatis mutandis to the case where the revaluation tax mentioned in the report under the preceding paragraph so as to be paid at the postponed date is overestimated.

Article 59.　The "the gross income before depreciation" as used in the preceding Article shall mean this amount;the necessary expenses under the provisions of the Income Tax Law for the business for which the assets are used minus the depreciation charges of the fixed assets for the year which are included in the necessary expense in computing the income in accordance with the provisions of the same Law;the amount thus obtained is deducted from the total income under the provisions of the same Law accruing from the business concerned. In this case, if the correction under the provision of Article 46 of the same Law is made with regard to the income for the year, the necessary expense and the total income as a basis for computation of the income under correction shall be used for this computation.

2　The "legal limit of depreciation, after revaluation" as used in the preceding Article shall mean the amount of the depreciable limit of the depreciable assets determined as being includible in the necessary expense in computing the income for the year in accordance with the provisions of the Income Tax Law (or the provision of the same Law and Article 121 of this Law, with regard to the revalued depreciable assets), and "legal limit of the depreciation before revaluation" shall be the amount of depreciable limit, to be includible in the necessary expense in computing the income under the provisions of the Income Tax Law, which is computed according to the term of computation of the income for the year accruing from the business under the preceding paragraph, on the basis of the valuation amount at the time just prior to the revaluation date (as for the assets which are not to be revalued, the day which is to be the revaluation date if the assets are revalued) with regard to the depreciable assets owned by the individual (including his decedent) at the basic date.

Article 60.　A successor who is required to pay the revaluation tax due to the succession or bequest by virtue of the provision of Article 53 paragraph 2 or paragraph 3 or Article 54 paragraph 1, may pay the tax by annual installment over three years or less, within the extent of the amount which is difficult to pay, upon the approval of the chief of taxation office having jurisdiction over the place of taxpayment, in case his total revaluation tax liabilities are more than 30,000 yen, and also there are difficulties for lump sum payment of the tax.

2　A person who intends to get the approval in accordance with the provision of the preceding paragraph shall submit a written application, stating therein the difficulties for the payment, number of years for deferred payment, amount of annual installment and other matters as prescribed by Ministry of Finance Ordinance, by the due date of payment under Article 53 paragraph 2 or paragraph 3 or Article 54 paragraph 1.

3　In case the written application under the provision of the preceding paragraph was filed, the chief of taxation office may approve the written application completely or approve it on modifying the term for deferred payment and the amount of annual installment stated in the written application, if he recognizes that the person who submitted it falls under the cause under paragraph 1.

4　In case the chief of taxation office approves the deferred payment by annual installment in accordance with the provision of the preceding paragraph, he shall designate the due date of payment for each year.

5　In case the chief of taxation office recognizes that a person who was approved to defer the payment by annual installment under the provision of paragraph 3 has got rid of the difficulties to pay the revaluation tax more than the amount of annual installment, he may cancel the approval or correct the amount of annual installment or shorten the term for deferred payment within the extent of the amount which has become not to be difficult to be paid in lump sum on hearing the explanation of the person who got the approval. In this case, the chief of taxation office may modify the term for payment designated in accordance with the provision of the preceding paragraph.

6　In case the chief of taxation office approves or does not approve the deferred payment under the provision of paragraph 1 or cancel the approval for the deferred payment in accordance with the provision of the preceding paragraph, or in case he modifies the annual installment for deferred payment or shortens the term for deferred payment, he shall notify the person liable to pay the revaluation tax of the matter.

7　The lagatee jointly liable to pay the tax in accordance with the provision of Article 63 paragraph 2 shall be deemed the successor for the purpose of the application of paragraph 1.

Article 61.　In case the corporation transferred to the capital the revaluation reserves equal to 75% of the revaluation reserves as of January 1, 1953 in accordance with the provision of Article 109, if, among the revaluation taxes to be paid in accordance with the provision of Article 51 or Article 52, there is any amount of revaluation tax (including an amount of tax of which the payment is postponed by virtue of the provision of Article 56) of which due date of payment under these provisions has not yet come by the previous day of the day after the lapse of two months from the closing date of the accounting period involving the day of the transfer, the corporation concerned shall, notwithstanding the provision of Article 51 or Article 52, pay the revaluation tax to the Government within six months from the closing date of the accounting period involving the day of transfer.

Article 62.　In the case under Article 51 paragraph 3, Article 52 paragraph 1 or the preceding Article, the corporation concerned (including the amalgamating corporation thereof) shall report the fact that the revalued assets (including share of stock deemed to have been revalued by virtue of the provision of Article 15) have been sold or donated or that the revaluation reserves have been transferred to the capital to the chief of the taxation office having jurisdiction over the place of taxpayment by the due date of payment under these provisions.

2　In the case under the provision of Article 53 paragraph 2, the individual, successor or their successors shall report to the chief of taxation office having jurisdiction over the place of taxpayment the fact that the revalued depreciable assets have been sold, donated, succeeded or bequeathed by the due date of payment under the same paragraph.

Article 63.　In case the corporation dissolved, if the corporation has distributed its residual assets without paying the revaluation tax, the liquidator and the persons who received the distribution of the residual assets shall be jointly liable to pay the revaluation tax;provided, however, the liabilities of the persons who received the distribution of the residual assets shall be limited to the extent of the amount of benefit thus received.

2　A donee or legatee (excluding a comprehensive legatee) shall be jointly liable to pay the revaluation tax on the donated or bequeathed assets to be paid by a donor or legator (including their successors) within the extent of the amount of benefit received due to the donation or bequest.

Article 64.　In case a person liable to pay the revaluation tax has not paid the revaluation tax in full by the due date of payment as referred to in Articles 51 to 56 inclusive, Article 58, Article 60 or Article 61, the chief of taxation office having jurisdiction over the place of taxpayment shall make a demand in accordance with the provision of Article 9 of the National Tax Collection Law (Law No.21 of 1897).

Article 65.　In case the return has been filed in accordance with the provision of Articles 45 to 48 inclusive, Article 84 paragraph 2, Article 85 paragraph 4, Article 86 paragraph 2 or Article 88 paragraph 2, if the chief of tax administration bureau on the taxation office having the jurisdiction over the place of tax payment recognizes that the revaluation amount, revaluation profit, revaluation tax, total of these amounts or revaluation tax amount to be exempted, which was entered in the return or the detailed statement attached to the return, falls under any of the cases as enumerated in each of the following items, he shall correct the revaluation amount, the revaluation profit, the revaluation tax amount, the total of these amounts or the revaluation tax amount to be exempted, on the basis of his own investigation:

Article 66.　In case an individual liable to file the return in accordance with the provision of Article 47 has failed to file it, the chief of tax administration bureau or taxation office having the jurisdiction over the place of tax payment shall determine, on the basis of his own investigation, the revaluation amount, revaluation profit, amount of revaluation tax and in a case where there are two or more assets deemed to have been revalued, he shall determine the total for each of these amounts.

Article 67.　In case the chief of tax administration bureau or taxation office has corrected or determined the revaluation amount, revaluation profit, amount of revaluation tax, total of these amounts or revaluation tax amount to be exempted, in accordance with the provisions of the preceding two Articles or this Article, if he recognizes that the revaluation amount, revaluation profit, revaluation tax, total of these amounts or revaluation tax amount to be exempted, which has been corrected or determined, falls under any of the cases as enumerated in each item of Article 65 (in a case enumerated in item (2) of the same Article, its revaluation amount involves the revaluation amount determined pursuant to the provision of the preceding Article), he shall correct again the revaluation amount, revaluation profit, amount of revaluation tax, total of these amounts or revaluation tax amount to be exempted, on the basis of his own investigation.

Article 68.　The Cabinet Order shall provide for either the chief of tax administration bureau or the chief of taxation office makes such correction or determination as provided in the preceding three Articles.

2　In case the chief of tax administration bureau has corrected or determined in accordance with the provisions of the preceding three Articles, he shall inform to such effect to the chief of taxation office having the jurisdiction over the place of tax-payment of the person whose revaluation amount, etc. have been corrected or determined.

Article 69.　The chief of taxation office shall, if he has corrected or determined in accordance with the provisions of Articles 65 to 67 inclusive or if he has received the information in accordance with the provision of paragraph 2 of the peceding Article, notify the person having already filed the return or the person to file it, of the fact of correction or determination, of the revaluation amount, revaluation profit, amount of revaluations tax, total of these amounts or revaluation tax amount to be exempted, which was corrected or determind and also of the interest on delinquent tax to be collected in accordance with the provision of Article 77 paragraph 6. In this case, if he deems the revaluation amount to fall under provision of Article 65 paragraph 1 item (1), he shall enter the reason for the correction in the document of such notification.

2　In case a person having neither domicile nor residence within the enforcement area of this Law has not yet reported his administrator for tax payment as provided for in Article 91, it may be allowed to notify to the public by printing it on Official Gazette in place of the notification under the preceding paragraph. In this case, if seven days have elapsed from the date of public notification, the notification shall be deemed to have been made.

Article 70.　The correction for revaluation amount or total thereof as provided for in Article 65 or Article 67, as to the return as provided for in Article 45 or Article 46, shall not be made after December 31, 1951 (as for the return of which the due date of filing comes after December 31, 1950, the day of lapse of one year from the due date of filing).

Article 71.　As for the revaluation tax to be paid by corporation or individual in accordance with the provision of Article 51, Article 53 or Article 54, if the amount of revaluation tax, the total amount thereof or the amount of revaluation tax to be exempted has been corrected or determined in accordance with the provisions of Articles 65 to 67 inclusive, the chief of taxation office shall, deeming the day just prior to the day after the lapse of one month from the day when the notification as provided for in Article 69 has been made, to be due date of tax payment, no matter what the due date of tax payment as provided for in Article 51, Article 53 or Article 54 has already come by the day when the notification has been made, collect the amount of deficiency tax (meaning the amount in deficiency or the amount of determined tax;hereinafter the same).

2　As for the revaluation tax to be paid by corporation in accordance with the provision of Article 52, if the amount of revaluation tax, the total amount thereof or the amount of revaluation tax to be exempted has been corrected in accordance with the provisions of Articles 65 to 67 inclusive, the chief of taxation office shall, deeming the day just prior to the day after of the lapse of one month from the day when the notification as provided for in Article 69 has been made, to be a due date of tax payment, collect the deficiency tax for the revaluation tax on the assets sold or donated on or before the accounting period prior to the accounting peried covering the day of notification. In this case, as regards the payment of the deficiency tax for the revaluation tax on the assets which were not sold or donated by the accounting period prior to the accounting period covering the day of notification, the provision of Article 52 shall be applicable.

3　The provision of Article 24 paragraph 2 shall apply mutatis mutandis to the accounting period as provided for in the preceding paragraph.

Article 72.　In case a person who received, in accordance with the provision of Article 69, the notification relating to the correction or determination of the revaluation amount, revaluation profit, amount of revaluation tax, total amount of these amounts or revaluation tax amount to be exempted, has any objection to the revaluation amount, revaluation profit, amount of revaluation tax, total amount of these amounts, interest on delinquent tax or revaluation tax amount to be exempted, or in case a person who received the notification in accordance with the provision of Article 83 has any objection to the negligence declaration additional tax, negligence payment additional tax, non-filing additional tax or the heavy additional tax, the person may make a request for reconsideration, via the chief of taxation office who made such notification, to the Director of Tax Administration Agency in a case of disposition made by the chief of tax administration bureau, or to the chief of tax administration bureau in a case of disposition made by the chief of taxation office, within one month from the day when he received such notification, with a document stating therein the reason for such objection, as may be prescribed by Cabinet Order.