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.

2　Even if the reconsideration has been requested, the chief of taxation office shall not allow to postpone the collection of the tax;provided, that if the chief to taxation office recognizes that there is reasonable cause, he may postpone the collection of the whole or a part of the tax concerned.

3　The provision of Article 49 shall apply mutatis mutandis to the request for reconsideration.

4　In case the reconsideration has been requested, if there is any mistaken point in the form of request or in the procedure thereof, the Director of Tax Administration Agency or the chief of tax administration bureau may let the taxpayer correct such point, on designating an adequate term.

Article 73.　In case the reconsideration has been requested if it falls under any of the following items, the Director of Tax Administration Agency or the chief of tax administration bureau shall make a decision as provided for in each of the said items and notify the person who has requested the reconsideration of such decision with a document stating therein the reason for decision:

2　In case as for the revaluation made in accordance with the provision of Article 6 paragraph 1, Article 8 paragraph 1, Article 14 paragraph 1 or Article 16, the decision as provided for in item (2) or (3) of the preceding paragraph is made, the Director of Tax Administration Agency shall inquire the Central Assets Revaluation Investigation Committee, while, the chief of tax administration bureau shall inquire the local assets revaluation investigation committee.

3　The Director of Tax Administration Agency or the chief of tax administration bureau shall, if he intends to make the decision as provided for in item (2) or (3) of paragraph 1 as for the revaluation deemed to have been made in accordance with the provision of Article 8 paragraph 2 or Article 9 paragraph 1, consult with the conference group which belongs to the Tax Administration Agency or the tax administration bureau.

4　The provision of Article 69 paragraph 2 shall apply mutatis mutandis to the notification as provided for in paragraph 1.

5　The necessary matters for the conference group as provided for in paragraph 3 shall be prescribed by Cabinet Order.

Article 74.　As for the case concerning the assessment which is the object of request for reconsideration, the provisions of the Administrative Appeal Law (Law No.105 of 1890) shall not apply.

Article 75.　The action for cancellation and alteration of the assessment which is the object of request for reconsideration shall not be allowed to be brough to the court unless through the decision as provided for in Article 73 paragraph 1 (hereinafter referred to as "decision of reconsideration" );provided, that in the case where three months have elapsed from the day when the reconsideration was requested or where it is feared that the severe demage may occur if through the decision of reconsideration or where there is other reasonable cause, it may be allowed to bring the action to the court without the decision of reconsideration.

2　The action as provided for in the preceding paragraph shall, except for the case falling under the proviso to the same paragraph, be brought to the court within three months from the day when the notification relating to the decision of reconsideration was received, notwithstanding the provision of Article 5 paragraph 1 or paragraph 4 of the Law for Special Regulations concerning Procedure for Administrative Litigation (Law No.81 of 1948).

3　The term as provided for in the preceding paragraph shall be the premptory term.

4　In case the action as provided for in paragraph 1 has been brought to the court, the official of the Tax Administration Agency or tax administration bureau shall, for the purpose of the application of the provision of Article 5 paragraph 1 of the Law concerning the Authority of the Attorney-General in the Judicial Procedure in which the Interests of the State are Involved (Law No.194 of 1947), be deemed to be the official under the chief of tax administration bureau or under the chief of taxation office who has become to be a party or an interenor.

5　Even in a case where the action has been brought to the court in accordance with the provision of the proviso to paragraph 1, if the request for reconsideration has been made, the decision may be taken for the request.

Article 76.　In the case of the action as provided for in paragraph 1 of the preceding Article, if the court recognizes that the assertion of the Director of Tax Administration Agency, the chief of tax administration bureau or the chief of taxation office who has become to be the other party is reasonable, the party who brought the action to the court shall first produce the evidence before the court and then the other party shall produce the evidence.

2　The other party may produce the evidence at any time, notwithstanding the provision of the preceding paragraph.

Article 77.　In the case falling under any of the following items, the taxpayer of revaluation tax shall also pay the interest corresponding to the amount obtained by applying 4 sen per 100 yen (per diem) to the amount of revaluation tax as enumerated in each of the said items, according to the term as enumerated in each item:

2　In the case under the preceding paragraph, if the taxpayer has paid a part of the amount of revaluation tax as enumerated in each item of the same paragraph, the amount of revaluation tax which is the basis for the computation of the interest on delinquent tax for a term after the day of that payment shall be the amount of revaluation tax as enumerated in each item of the same paragraph minus the paid amount of that revaluation tax.

3　The provisions of the preceding two paragraphs shall not apply to a case where the amount of revaluation tax which is the basis for the computation of the interest on delinquent tax as provided for in the said paragraphs is less than 1,000 yen. A fraction of 1,000 yen shall be omitted in computing the amount of revaluation tax concerned.

4　If the interest on delinquent tax computed in accordance with the provisions of the preceding three paragraphs is less than 100 yen, it shall not be required to be paid the said interest.

5　In the case falling under the provision of paragraph 1 item (1), if the successor has not paid in full the amount of revaluation tax to be paid by the due date of payment designated in accordance with the provision of Article 60 paragraph 4 or paragraph 5, or in a case falling under the provision of paragraph 1 item (3) or item (4), if the taxpayer of revaluation tax has not paid in full the amount of revaluation tax to be paid by the due date of payment as provided for in Article 54 or Article 55 paragraph 1, or if the taxpayer of revaluation tax falls under the provision of paragraph 1 item (2), the chief of taxation office shall demand the taxpayer to pay the interest on delinquent tax to be paid, as may be prescribed by Article 9 of the National Tax Collection Law.

6　The chief of taxation office shall, in a case where he collects the amount of deficiency tax as provided for in Article 71, also collect the interest on delinquent tax computed according to the provisions of paragraph 1 item (3), item (4) or paragraphs 2 to 4 inclusive.

7　In case the taxpayer of revaluation tax is liable to pay the interest on delinquent tax in accordance with the provision of paragraph 1 in addition, or where the interest on delinquent tax is collected in addition in accordance with the provision of the preceding paragraph, the paid amount of revaluation tax shall, so far as the amount of revaluation tax paid by the taxpayer does not reach the amount of revaluation tax to be paid in accordance with the provisions of Articles 51 to 56 inclusive, Article 58, Article 60 or Article 61 or the amount of revaluation tax to be collected in accordance with the provision of Article 71, be deemed to have been appropriated for the amount of revaluation tax to be paid or collected in accordance with these provisions. However, the application of the provision of Article 28 of the National Tax Collection Law shall not be precluded.

Article 78.　In case the return has been filed by the due date of filing as provided for in Articles 45 to 47 inclusive (including a case where the return has been filed after the due date of filing and there is found a reasonable cause for the fact that the return has not been filed by the due date of filing), or in a case where the return as provided for in Article 84 paragraph 2, Article 85 paragraph 4, Article 86 paragraph 2 or Article 88 paragraph 2 was filed but has been corrected in accordance with the provision of Article 65 or Article 67 or in a case where the revised return as provided for in Article 48 has been filed, if the chief of taxation office recognizes that there is no justifiable cause as to the mistake in the amount of revaluation tax entered in the return which was filed before having been corrected or having been revised, he shall collect the amount of negligence declaration additional tax equivalent to the amount computed by applying 5% to the amount of deficiency tax as provided for in Article 71, which was corrected, or to the amount of revaluation tax increased as a result of filing the revised return.

2　The provisions of paragraph 3 and paragraph 4 of the preceding Article shall apply mutatis mutandis to a case where the amount of negligence declaration additional tax is collected in accordance with the provision of the preceding paragraph.

Article 79.　In case the report was not made by the due date of reporting as provided for in Article 62 and also the revaluation tax has not been paid in accordance with the provision of Article 51 paragraph 3, Article 52 paragraph 1, Article 53 paragraph 2 or Article 61, or where the amount of revaluation tax of which payment was demanded to be deferred in accordance with the provision of Article 56 paragraph 5 or Article 58 paragraph 5 is excessive, the chief of taxation office shall, if he recognizes that there is no justifiable cause as to the failure to make the report or as to the fact that the amount of revaluation tax of which payment was demanded to be deferred is excessive, collect the amount of negligence payment additional tax equivalent to the amount computed by applying 5% to the amount of revaluation tax to be paid or excessively demanded to be paid at the postpone date in accordance with the provision of Article 51 paragraph 3, Article 52 paragraph 1, Article 53 paragraph 2 or Article 61.

2　The provisions of Article 77 paragraph 3 and paragraph 4 shall apply mutatis mutandis to a case where the negligence payment additional tax is collected in accordance with the provision of the preceding paragraph.

Article 80.　In the case falling under any of the following items, if the chief of taxation office recognizes that there is no justifiable cause as to the failure to file the return by the due date of filing as provided for in Article 47 in a case falling under item (1) and item (2), as to the mistake in the amount of revaluation tax entered in the return which was filed before correction or before filing the revised return in a case falling under item (2) and as to the failure to file the return as provided for in Article 47 in a case falling under item (3) and item (4), he shall collect the amount of non-filing additional tax equivalent to the amount computed by multiplying the amount of revaluation tax as enumerated in each of the said items by certain ratio according to the term as enumerated in each item concerned:that is 10% if the term is not more than one month, 15% if the term is more than one month but not more than two months, 20% if the term is more than two months but not more than three months and 25% if the term is more than three months:

2　The provisions of Article 77 paragraph 3 and paragraph 4 shall apply mutatis mutandis to a case where the amount of non-filing additional tax is collected in accordance with the provision of the preceding paragraph.

Article 81.　In case the return has been filed after the due date of filing as provided for in Article 47, or where the revised return as provided for in Article 48 has been filed, or where the report has been made after the due date of reporting as provided for in Article 62 or where the report relating to the revision as provided for in Article 56 paragraph 6 (including a case where it applies mutatis mutandis in Article 58 paragraph 6) has been made, if the filing or the reporting has been made without a prospect that the correction or determiniation under the provisions of Articles 65 to 67 inclusive or the demand under Article 64 will be made on the basis of the investigation taken against the person who has filed or submitted the return, revised return or report by the official of tax administration bureau or taxation office, the cbief of taxation office shall not collect the amount of negligence adeclaration additional tax or the amount of negligence payment additional tax due to the filing of the revised return or due to the report concerned or there port of revision, or shall not collect the amount of non-filing additional tax equivalent to the amount computed by applying 5% to the amount of revaluation tax to be paid in accordance with the provision of Article 54 as a result of filing the return or to the amount of revaluation tax increased as a result of the revision concerned.

Article 82.　In the case falling under Article 78 paragraph 1, if the taxpayer of revaluation tax has concealed or misrepresented the whole or a part of facts which are the bases for the computation of the revaluation tax and has filed the return as provided for in Articles 45 to 47 inclusive, Article 84 paragraph 2, Article 85 paragraph 4, Article 86 paragraph 2 or Article 88 paragraph 2 or the revised return as provided for in Article 48, on the basis of such concealment or misrepresentation, the chief of tax. ation office shall, in place of collecting the amount of negligence declaration additional tax as provided for in Article 78 paragraph 1, collect the amount of heavy additional tax equivalent of the amount computed by applying 50% to the amount of deficiency tax which is the basis for the computation of the negligence declaration additional tax or to the amount of revaluation tax increased as a result of the revision concerned.

2　In the case falling under the provision of Article 80 paragraph 1, if there is any fact falling under each of the following items, the chief of taxation office shall, besides the amount of non-filing additional tax, collect the amount of heavy additional tax equivalent to the amount computed by applying 50% to the amount of revaluation tax, or the amount of deficiency tax, which is the basis for computation of nonfiling additional tax:

3　In the case falling under the provision of the preceding two paragraphs, if with regard to the filing of the return as provided for in Article 47 or of the revised return as provided for in Article 48, there is any of facts as provided for in Article 81, the chief of taxation office shall not collect the amount of heavy additional tax equuivalent to the amount computed by applying 50% to the amount of revaluation tax to be paid in accordance with the provisions of Article 54 as a result of the filing of the said return or to the amount of revaluation tax increased as a result of filing the revised return.

4　The provisions of Article 77 paragraph 3 and paragraph 4 shall apply mutatis mutandis to a case where the amount of heavy additional tax is collected in accordance with the provision of paragraph 1 or paragraph 2.

Article 83.　The chief of taxation office shall, if he has decided the amount of negligence declaration additional tax, negligence payment additional tax, non-filing additional tax or heavy additional tax to be collected in accordance with the provision of Articles 78 to 80 inclusive or the preceding Article, notify the taxpayer of the decided amount.

2　The provision of Article 69 paragraph 2 shall apply mutatis mutandis to the notification as provided for in the preceding paragraph.

Article 84.　In case the corporation has sold or donated the revalued assets other than the shares of stock (in a case of the amalgamating corporation, including the assets revalued by the amalgamated corporation), or decreased the book-value of, such assets, if it has reduced the revaluation reserves in accordance with the provision of Article 104, the amount of revaluation tax shall be credited, in order, against the revaluation tax (including the tax amount of which the due date of payment is deferred in accordance with the provision of Article 56) on the assets concerned to be paid at the due dates of payment which come after the closing date of the accounting period covering the date of such reduction, so far as the amount thus credited does not reach the amount of tax computed by applyiug 6% to the amount of reseves reduced.

2　The provision of the preceding paragraph shall apply only to a case where the corporation falling under the same paragraph has filled a return stating therein the amount of revaluation tax to be exempted (or the total of the exempted amounts in case there are two or more assets falling under the provision of the preceding paragraph) and the matters as may be prescribed by the Ministy of Finance Ordinance, within two months from the closing date covering the day of reduction of the reserves, with the chief of taxation office having the jurisdiction over the place of taxpayment.

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

Article 85.　In case the corporation has sold the revalued shares of stock by the closing date of the accounting period covering December 31, 1954 (including the shares of stock deemed to have been sold by virtue of the provision of Article 52 paragraph 2), it the selling price of the shares is less than the revaluation amount of the shares, the amount of revaluation tax equivalent to the amount computed by applying 6% to such deficit amount (in a case where the selling price of the shares is less than the book-value of the shares concerned as of the time just prior to the revaluation date as provided for in Article 41 paragraph 1, the amount obtained by deducting such deficit amount) shall be credited against the amount of revaluation tax on the shares or stock.

2　In case the residual assets have been distributed at several times on account of the dissolution of the issuing corporation in relation to the shares of stock revalued by a corporation, the said shares of stock shall not be deemed to have been sold, notwithstanding the provision of Article 52 paragraph 2, until the distribution of the residual assets is finished, for the purpose of the application of the preceding paragraph.

3　In case the book-value of shares of stock revalued by a corporation as of the closing date of the accounting period covering December 31, 1954 is less than the revaluation amount of the said shares of stock, the revaluation tax amount equivalent to the amount obtained by applying 6% to such deficit amount (in a case where the said book value is less than the book value of the shares of stock as of the time just prior to the revaluation date as provided for in Article 41 paragraph 1, the amount obtained by deducting such deficit amount) shall be credited against the revaluation tax on the shares.

4　The provisions of paragraph 1 and the preceding paragraph shall apply only to a case where the corporation falling under the provision of paragraph 1 or the preceding paragraph has filed a return with the chief of the taxation office having the jurisdiction over the place of tax payment, stating therein the revaluation tax amount to be credited (the total amount thereof in case there are two or more shares falling under the provision of paragraph 1 or the preceding paragraph) and matters as may be prescribed by Ministry of Finance Ordinance, by the due date of payment as provided for in Article 52.

4　The provision of Article 24 paragraph 2 shall apply mutatis mutandis to the accounting period as provided for in paragraph 1 and paragraph 3.

Article 86.　In case the depreciable assets which were revalued by an individual have been sold, donated, succeeded or bequeathed, if the selling price of the said assets (in case an improvement or an increase was made for such assets after the basic date, excluding the part of such improvement or increase) or the value of the time of such donation, succession or bequest is less than the amount of money obtained by deducting the depreciation charge recognized to be included in the necessary expenses, according to the term from the revaluation date to the date of such sale, donation, succession or bequest, for the purpose of the computation of income under the provisions of the Income Tax Law, form the revaluation amount of the said assets, the revaluation tax equivalent to the amount computed by applying 6% to such deficit amount shall be credited against the revaluation tax to be paid by the said individual or his successor in accordance with the provision of Article 53 paragraph 2.

2　The provision of the preceding paragraph shall apply only to a case where the individual or his successor falling under the provision of the same paragraph has filed a return with the chief of the taxation office having the jurisdiction over the place of taxpayment, stating therein the revaluation tax amount to be credited (the total amount thereof in case there are two or more assets falling under the provision of the preceding paragraph) and matters as may be prescribed by Ministry of Finance Ordinance, by the due date of payment as enumerated in each item of Article 53 paragraph 2.

Article 87.　On account of the fact that the assets revalued by a corporation or the depreciable assets revalued by an individual have been lost as a result of calamity, if the taxpayer of revaluation tax who had such assets as of the time of loss has become to be insolvent and unable to pay the revaluation tax (including the tax amount of which payment is deferred in accordance with with the provision of Article 56 or Article 58) on the assets of which the due date of payment has not yet come by the date of loss, the chief of the taxation office having the jurisdiction over the place taxpayment may exempt the person from the revaluation tax within the extent of tax amount which is difficult to be paid by the said taxpayer.

2　On account of the fact that the assets deemed to have been revalued by virtue of the provision of Article 8 paragraph 2 or Article 9 paragraph 1 have been lost as a result of calamity, if the successor who acquired such assets due to the succession or bequest has become to be insolvent and unable to pay the revaluation tax on the said assets the chief of the taxation office having the jurisdiction over the place of taxpayment may exempt the successor from the revaluation tax within the extent of the amount which is difficult to be paid by the said successor.

3　A taxpayer who intends to be favoured with the exemption from tax amount provided for in the provisions of the preceding two paragraphs shall file, by the first due date of payment as provided for in Articles 51 to 56 inclusive, Article 58, Article 60 or Article 71 which comes after the loss of the said assets, a written application starting therein the revaluation tax amount which he intends to be exempted from and the matters as may be prescribed by Ministry of Finance Ordinance, with the chief of the taxation office having the jurisdiction over the place of tax payment.

4　The chief of the taxation office shall, in case he has exempted the taxpayer from the revaluation tax in accordance with the provision of paragraph 1 or paragraph 2, notify the applicant of such effect and the amount of exempted tax, and in case the chief of taxation office has not exempted the applicant from the tax, notify the said applicant of that effect.

5　The provision of Article 69 paragraph 2 shall apply mutatis mutandis to the notice as provided for in the preceding paragraph.

6　The chief of the taxation office may, in the case where he has received the written application as provided for in paragraph 3, postpone the collection of revaluation tax amount which the applicant applied to be exempted from, till the exemption as provided for in paragraph 1 or paragraph 2 is confirmed.

7　The provision of Article 60 paragraph 7 shall apply mutatis mutandis to a case under paragraph 2.

Article 88.　In case the depreciable assets which were revalued by an in dividual have been sold, donated, succeeded or bequeathed or in case the assets are deemed to have been revalued by virtue of the provision of Article 8 paragraph 2 or Article 9 paragraph 1, if the total of the amounts deductible from the total income for the taxable year covering the day on which the sale, donation, succession or bequest has been effected under the provisions of Articles 11-(3) to 12 inclusive of the Income Tax Law for the individual who had the said assets at the revaluation date exceeds the said total income amount (or, in case there is depreciation charge for the revalued depreciable assets which is to be included in the necessary expenses for the purpose of computation of income under the provisions of the Income Tax Taw, this total income amount shall be added by the amount of money obtained by deducting the legal limit of depreciation before revaluation as may be provided for in Article 59 paragraph 2 for the said assets from the said depreciation charge), the revaluation tax equivalent to the amount obtained by applying 6% to such excess amount shall be credited against the revaluation tax on the said assets to be paid in accordance with the provisions of Article 53 paragraphs 2 to 4 inclusive or Article 54 (or total amount of revaluation tax in a case where there are two or more of such assets).

2　The provision of the preceding paragraph shall apply only to a case where the individual falling under the provision of the same paragraph or his successor has filed, by the due date of payment as provided for in Article 53 paragraphs 2 to 4 inclusive or Article 54, a return with the chief of the taxation office having the jurisdiction over the place of taxpaymant, stating therein the revaluation tax amount to be credited (the total amount thereof in case there are two or more assets falling under the provision of the preceding paragraph) and matters as may be prescribed by Ministry of Finance Ordinance.

3　In the case under paragraph 1, if the sale, donation, succession or bequest has been made in the run of year, the legal limit of depreciation before revaluation shall be the amount obtained by multiplying the legal limit of depreciatiod before revaluation computed according to the provision of Article 59 paragraph 2 by the number of months from January of that year to the month covering the day of sale, donation, succession or bequest and then by dividing the amount so computed by 12.

4　The provision of Article 57 paragraph 3 shall apply mutatis mutandis to the computation of number of months under the preceding paragraph.

Article 89.　The provisions of the Law for Calculation of Fractions of Receipts and Disbursements, etc. of the Treasury (Law No.61 of 1950) shall apply to the total of revaluation tax as well as the revaluation tax to be credited or exempted which are to be entered in the return filed in accordance with the provisions of Articles 45 to 48 inclusive, Article 84 paragraph 2, Article 85 paragraph 4, Article 86 paragraph 2 or paragraph 2 of the preceding Article.

Article 90.　As for a corporation, the place of taxpayment for corporation tax as provided for in Article 46-(3) of the Corporation Tax Law shall be the place of tax payment for revaluation tax while as for an individual, the place of taxpayment for income tax provided for in Ordinance in accordance with the provision of Article 29 paragraph 1 of the Income Tax Law or Article 65 of the same Law shall be the place of taxpayment for revaluation tax.

Article 91.　In case the taxpayer of the revaluation tax has no place of business or no office or no domicile in the place of tax payment, he shall, in order to dispose of all matters concerning the filing of return, payment of revaluation tax, etc. under the provisions of this Law, choose an administrator for taxpayment out of the corporations which have the place of business of office in the place of taxpayment or out of the individuals who domicile in the place of taxpayment, and shall report it to the chief of the taxation office having jurisdiction over the place of taxpayment. This shall also apply to a case where taxpayer of the revaluation tax has ceased to have the place of business or office within the enforcement area of this Law or where he has ceased to have his domicile within the same area or where he has changed his administrator for taxpayment.

Article 92.　In order to achieve the smooth application of this Law and the adequate revaluation of assets, the Assets Revaluation Deliberation Council shall be established in the Ministry of Finance, the Central Assets Revaluation Investigation Council shall be established in the Tax Administration Agency and the local assets revaluation investigation councils shall be established in the tax administration bureaus.

Article 93.　The Assets Revaluation Deliberation Council shall investigate and deliberate on the matters inquired in accordance with the provision of Article 33 paragraph 2 (including the case where it applies mutatis mutandis in Article 34 paragraph 2 and Article 35 paragraph 2), and also investigate and deliberate on the important matters concerning the application of this Law in response to the inquiries made by the Minister of Finance.

2　The Assets Revaluation Deliberation Council may state its opinion concerning the application of this Law at any time to the Minister of Finance.

3　The Central Assets Revaluation Investigation Council or the local assets revaluation investigation Council shall investigate and deliberate on the matters inquired in accordance with the provision of Article 73 paragraph 2 and also investigate and deliberate on the important matters concerning the correction or determination under the provisions of Chapter VII in response to the inquiry made by the Director of Tax Administration Agency or the chief of tax administration bureau.

4　The Central Assets Revaluation Investigation Council or the local assets revaluation investigation Council shall state its opinion to the Director of Tax Administration Agency or the chief of tax administration bureau at any time in relation to the disposition taken by chief of tax administration bureau or of taxation office.

Article 94.　The Assets Revaluation Deliberation Council shall be composed of the Minister of Finance and of members not exceeding forty in number.

2　The Central Assets Revaluation Investigation Council shall be composed of the Director of Tax Administration Agency and of members not exceeding forty in number.

3　A local assets revaluation investigation Council shall be composed of the chief of tax administration bureau and of members not exceeding thirty in number.

Article 95.　The Minister of Finance, Director of Tax Administration Agency or the chief of tax administration bureau shall control respectively the work of the Assets Revaluation Deliberation Council, Central Assets Revaluation Investigation Council or local assets revaluation investigation council as the chairman thereof.

2　Members of the Assets Revaluation Deliberation Council, Central Assets Revaluation Investigation Council or of the local assets revaluation investigation council shall be appointed by the Minister of Finance, Diector or Tax Administration Agency or the chief of tax administration bureau respectively, from among the officials of interested administrative organs or of local public bodies, person of learning or experience, and person who represent the industrial field;provided that number of members appointed from among person who represent the industrial field shall be less than one half of total number of members of the Assets Revaluation Deliberation Council, Central Revaluation Investigation Council or local revaluation investigation council respectively.

3　Members of the Assets Revaluation Delibergtion Council, Central Assets Revaluation Investigation Council and local assets revaluation investigation council shall be for part-time service.

Article 96.　Other than those provided for in the preceding three Articles, necessary matters for the operation of Assets Revaluation Deliberation Council, Central Assets Revaluation Investigation Council and local assets revaluation investigation council shall be provided for by Cabinet Order.

Article 97.　In case the Laws, Orders, charters, regulations or agreements provide for to the effect that certain joint-stock companies, limited companies or other corporations have to get the approval of their general meetings or others with similar nature for the settlement of their accounts, if such corporations have revalued their assets, such corporations shall have to get the approval of their general meetings or others with similar nature for the said revaluation and the revaluation amount of each of their assets or the total of the revaluation amount by the time when the return is filed in accordance with the provision of Article 45.

2　The provision of Article 284 of the Commercial Code (Law No.48 of 1899)(including the case where this applies mutatis mutandis in Article 458 paragraph 2 of the same Law, Article 46 paragraph 1 of the Limited Company Law (Law No.74 of 1938) and Article 67 of the Insurance Business Law (Law No.41 of 1939)) shall apply mutatis mutandis to the approval under the preceding paragraph.

Article 98.　The provisions of Article 34 and Article 285 of the Commercial Code (including cases whese there apply mutatis mutandis in Article 458 paragraph 2 of the same Law, Article 46 paragraph 1 of the Limited Compay Law and Article 67 of the Insurance Business Law) shall not apply to the case where a corporation or an individual enters the revaluation amount of the revalued assets in the inventory as of the revaluation date.

2　In case the revaluation amount of the fixed assets revalued by a corporation or an individual exceeds the cost of acquisition or the manufacturing cost under the provisions of Article 34 paragraph 2 or Article 285 of the Commercial Code expended for the assets by the corporation or the individual, the revaluation amount of the assets shall be deemed the cost of acquisition or the manufacturing cost for the purpose of applying these provisions to the said assets.

Article 99.　The revaluation profits held by a corporation shall not be deemed a profit for the purpose of applying the provisions for the disposal of profits, which are found in the Commercial Code, the Law concerning the Issuance of Bonds, etc. by Banks, etc.(Law No.40 of 1950) or other Laws or Ordinances.

Article 100.　In case a company, which has opened a suspense account as provided for in the provisions of the Enterprise Reconstruction and Reorganization Law, has revalued its assets enumerated in Article 6 paragraph 1 items (7) to (9) inclusive of the same Law which were designated in the approved reorganization plan and also prescribed by Cabinet Order, such compay shall record the balance after the deduction of the book value of the said assets as the time just prior to the revaluation date from the revaluation amount of the said assets on the liabilities side of the balance sheet as a suspense account.

2　In case a company which opened a suspense account as provided for in the provisions of the Enterprise Reconstruction and Reorganization Law counted any sum as the amount as enumerated in Article 3 item (1) of the same Law in computing the special loss as referred to in the same Law as to the shares, equipments designated for reparation or other assets designated by Cabinet Order which are owned by the corporation, if such company has revalued such assets, the company shall count such amount on the liabilities side of the balance sheet as a suspense account, as is equivalent to the amount (in case the decrease in the special loss in counted on the liabilities side of the balance sheet as a suspense account with regard to the assets in accordance with the provision of Article 25 of the same Law, the amount after the deduction of the amount thus counted;in case the increase in the special loss is counted on the assets side of the balance sheet as a suspense account, the amount after the addition of the amount thus counted) which is counted as the amounts enumerated in Article 3 item (1) of the same Law out of the balance after the deduction of the book value of the assets at the time just prior to the revaluation date (as for shares of stock, their book value at the time just prior to the revaluation date as referred to in Article 41 paragraph 1) from the revaluation amount of the assets.

3　The amount counted as a suspense account in accordance with the provisions of the preceding two paragraphs shall be deemed such amount as has been counted as a suspense account in accordance with the provision of Article 24 or Article 25 of the Enterprise Reconstruction and Reorganization Law for the purpose of the application of the provision of Article 26 of the same Law.

Article 101.　A corporation which has revalued its assets may recover its losses ((in case the corporation keeps the reserves as referred to in Article 16 of the Corporation Tax Law (excluding the reserves set aside and kept in accordance with the provision of Article 34-(4) paragraph 1 or paragraph 4 of the Enterprise Reconstruction and Reorganization Law) at the date as stated below, the loss equivalent to the balance after the deduction of the said reserves from the losses)) at the opening date of the accounting period involving the revaluation date (as for the special accounting companies, if their accounting periods as referred to in Article 40-(2) paragraph 2 of the Enterprise Reconstruction and Reorganization Law involve the revaluation date, the accounting period concerned) with the revaluation profits due to the revaluation concerned.

2　In case a second company which has revalued its assets opened a second company special account in accordance with the provision of Article 34-(8) paragraph 1 of the Enterprise Reconstruction and Reorganization Law, the second company shall write off its second company special account (in case it keeps the reserves as referred to in Article 16 of the Corporation Tax Law othe than the reserves kept in accordance with the provision of Article 34-(4) paragraph 4 of the Enterprise Reconstruction and Reorganization Law, the amount of the second company special account equivalent to the balance after the deduction of the reserves) at the opening date of the accounting period involving the revaluation date with the revaluation profits due to the revaluation concerned.

3　In the case falling under the preceding two paragraphs, the corporation which has recovered the loss or written off the second company special account with its revaluation profit shall make the fact clear in the balance sheet as provided for in Cabinet Order.

Article 102.　A corporation which has revalued its assets (excluding a corporation in liquidation at the revaluation date) shall set aside the balance after the deduction of the amount appropriated for the recovery of losses or for the write-off of second company special account under the preceding Article from the revaluation profit due to the revaluation, as the revaluation reserves.

Article 103.　In case a corporation has paid its revaluation tax, the corporation shall reduce the amount of revaluation reserves by the amount of tax thus paid on the day of the payment concerned so long as the revaluation reserves are recorded on the liabilities side of the balance sheet.

Article 104.　In case a corporation has sold or donated its revalued assets (if the corporation is an amalgamating corporation, the assets which the amalgamated corporation has revalued shall be included;hereinafter the same in this Article) other than shares of stock in the term from the revaluation date to the closing date of the accounting period involving December 31, 1954, if the selling price of the said assets or the value of the said assets as the time of donation (if the selling price or the value at the time of donation is less than the book value of the assets at the time just prior to the revaluation date, the said book value) is less than the book value of the said assets at the time of sale or donation, the corporation shall reduce the amount of revaluation reserves by the amount of such deficiency on the day of sale or donation, so long as the revaluation reserves are recorded on the liabilities side of the balance sheet.

2　In case a corporation has decreased the book value of its revalued assets other than shares of stock in the term from the revaluation date to the closing date of the accounting period involving December 31, 1954, the corporation shall, so long as the revaluation reserves are recorded on the liabilities side of the balance sheet, reduce the amount of revaluation reserves by the amount of such decrease in book value (if the book value after such decrease is lesf than the book value of the assets at the time just prior to the revaluation date, such decrease minus such defficiency) on the day when the corporation decreased the book value.

3　The provisions of the preceding two paragraphs shall not apply to the assets which were revalued by a corporation having opened a suspense account in accordance with the provisions of the Enterprise Reconstruction and Reorganization Law, if the corporation has recorded any amount, as to the said assets, on the liabilities side of the balance sheet as a suspense account in accordance with the provision of Article 100 paragraph 1.

4　The provisions of Article 24 paragraph 2 shall apply mutatis mutandis to the accounting periods under paragraph 1 and paragraph 2.

Article 105.　In case a corporation has sold or donated the shares which were revalued by the corporation (including the case where the shares are deemed to have been sold by virtue of the provision of Article 52 paragraph 2) in the term from the revaluation date to the closing date of the accounting period involving December 31, 1954, if the selling price of the shares or the value of the shares at the time of donation (if the selling price or the value at the time of donation is less than the book value of the share under the provision of Article 41 paragraph 1 at the time just prior to the revaluation date, the said book value) is less than the book value of the said shares (if the book value exceeds the revaluation amount of the shares, the said revaluation amount) at the of sale or donation, the corporation shall so long as the revaluation reserves are recorded on the liabilities side of the balance sheet, reduce the amount of revaluation reserves by the amount of such defficiency on the day of the sale or donation.

2　The provision of Article 85 paragraph 2 shall apply mutatis mutandis to the case under the preceding paragraph.

3　In case a corporation has decreased, in the term from the revaluation date to the closing date of the accounting period involving December 31, 1954, the book value of the shares which were revalued by the corporation, the corporation shall, so long as the revaluation reserves are recorded on the liabilities side of the balance sheet, reduce the amount of revaluation reserves by the amount of decrease in the book value (if the book value of the shares after such decreas is less than their book value at the time just prior to the revaluation date as provided for in Article 41 paragraph 1, such decrease minus such deficiency;if the book value at the time just prior to the time of such decrease exceeds the revaluation amount of the said shares, such decrease minus such excess) on the day of such decrease.

4　The provision of the preceding paragraph shall not apply to the decrease in book value in the case where the revaluation amonnt of shares is revised in accordance with the provision of Article 22 paragraph 2.

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

Article 106.　In case a corporation has reduced the revaluation reserves in accordance with the provision of paragraph 3 of the preceding Article after decreasing the book value of the shares which were revalued by the corporation, and then has sold the said shares by the closing date of the accounting period involving December 31, 1954 (including the case where the shares are deemed to have been sold by virtue of the provision of the former part of Article 52 paragraph 2), if the selling price exceeds the book value of the shares at the time of the sale (if the said book value of the shares is less than their book value at the time just prior to the revaluation date as referred to in Article 41 paragraph 1, the book value at the time just prior to the revaluation date), the corporation shall add the amount equivalent to such excess (if the selling price exceeds the revaluation amount of the shares, the amount after deduction of this excess) to the revaluation reserves or set aside the said amount as the revaluation reserves on the days of sale.

2　In case a corporation has reduced the revaluation reserves in accordance with the provision of paragraph 3 of the preceding Article after decreasing the book value of the shares which were revalued by the corporation, and then has increased the book value of the said shares by the closing date of the accounting period involving December 31, 1954, the corporation shall add the amount equivalent to such increase (if the book value of the said shares before such increase is less than their book value at the time just prior to the revaluation date as referred to in Article 41 paragraph 1, such increase minus this defficiency;if the book value of the said shares after such increase exceeds the revaluation amount of the said shares, such increase minus this excess) to the revaluation reserves or set aside the said amount as the revaluation reserves on the day of such increase.

3　The provision of Article 24 paragraph 2 shall apply mutatis mutandis to the accounting period under the preceding two paragraphs.

Article 107.　Any corporation shall not be allowed to reduce its revaluation reserves, except for the cases as enumerated in each of the following items:

2　The provision of Article 101 paragraph 3 shall apply mutains mutandis to the case where the revaluation reserves were appropriated for the recovery of the loss in accordance with the provision of item (3) of the preceding paragraph.

Article 108.　In case a corporation which has been recording its revaluation reserves on the liabilities side of the balance sheet has ceased to exist due to amalgamation, the amalgating corporation shall set aside the amount equivalent to the revaluation reserves of the amalgamated corporation at the time just prior to the amalgamation as its revaluation reserves, or shall add such amount to its own revaluation reserves.

Article 109.　A corporation may transfer its revaluation reserves to capital on or after January 1, 1953, within the extent of the amount equivalent to 75% of its revaluation reserves on the same day (if the corporation has paid its revaluation tax in full, the amount equivalent to its whole revaluation reserves).

2　As for the transfer of revaluation reserves to capital as provided for in the preceding paragraph, the matters shall be prescribed by other Laws.

Article 110.　In case a corporation has received a notice of correction of revaluation amount for one of the assets, revaluation profits for one of the assets or the total of the revaluation amounts or the revaluation profits in accordance with the provision of Article 69, the corporation shall, on the day when it has received the notice, decrease the book value of such assets by the amount equivalent to the decrease in revaluation amount due to the correction, or increase the revaluation reserves by the amonnt equivalent to the increase or decrease in the revaluation profits or their total due to the correction or set aside the said amount as the revaluation reserves, or reduce the said amount from the revaluation reserves so long as the revaluation reserves are recorded on the liabilities side of the balance sheet.

2　In case a corporation has received, in accordance with the provision of Article 69, the notice of correction for the return as referred to under Article 84 paragraph 2 or Article 85 paragraph 4, if the reduced amount of the revaluation reserves under the provisions of Article 104 or Article 105 exceeds the proper amount to be reduced, the corporation shall add the excessive amount thus reduced to the revaluation reserves, or set aside the said amount as the revaluation reserves.

Article 111.　In case a financial institution which opened the adjustment account as referred to in the provisions of the Financial Institutions Reconstruction and Reorganization Law has revalued its assets, the provision of Article 37 of the same Law shall not apply to the income from application of assets as enumerated in paragraph 1 item (1) of the same Article which is equivalent to the revaluation profits due to the said revaluation.

2　In case the financial institution under the preceding paragraph sold its revalued assets or decreased the book value of the assets, if it has reduced the revaluation reserves in accordance with the provision of Article 104 or Article 105, the provision of Article 37 of the Financial Institutions Reconstruction and Reorganization Law shall not apply to the capital loss or loss from appreciation of the assets as enumerated in paragraph 1 item (4) of the same Article which is equivalent to such reduced amount.

3　In case the financial institution under paragraph 1 sold the shares revalued by the institution or increased the book value of the said shares, if the said financial institution has added any amount to the revaluation reserves in accordance with the provision of Article 106, the provision of Article 37 of the Financial Institution Reconstruction and Reorganization Law shall not apply to the capital gains. or income from appreciation of assets as referred to under paragraph 1 item (1) of the same Article which is equivalent to the amount thus added to revaluation reserves.

Article 112.　After the return under the provision of Article 45 has been filed, such amount as mentioned below shall be include in the total amount of capital under the provision of Article 297 of the Commercial Code for the purpose of the application of Article 297 of the same Law (including a case where this applies mutatis mutandis in Article 458 paragraph 2;hereinafter the same) to the corporation counting the revaluating reserves on the liabilities side of the balance sheet;that is, the amount equivalent to 25% of the revaluation reserve within one year from the revaluation data, 50% thereof within one year from the day following the day after the lapse of one year from the revaluation data, 75% thereof after the lapse of two years from the revaluation date.

2　In case the special Law and Ordinance provided for the issuance limit of the corporate debenture, if the issurance limit is less than the issuance limit under the provision of Article 297 paragraph 1 of the Commercial Code to which the provision of the preceding paragraph is applied, the issuance limit under the provision of Article 297 of the same Law to which the provision of the preceding paragraph is applied shall be the issuance limit of the corporate debenture, notwithstanding the provisions of Laws and Ordinances concerned.

3　With regard to the private railway company as provided for in the Private Railway Law (Law No.52 of 1919) and the railway line company as provided for in the Railway Line Law (Law No.76 of 1921). the issuance limit of corporate debenture under the provision of the preceding paragraph shall be the amount of corporate debenture plus the amount of liability under the provision of the Railway Mortgage Law (Law No.53 of 1905) and the Law 1 concerning the Mortgage to the Railway Line (Law No.28 1909).

4　The provision of paragraph 2 shall apply mutatis mutandis to the debenture issued by a corporation in accordance with the provision of the special Law.

5　The amount of revaluation reserve to be inclusded in the capital in accordance with the provision of paragraph 1 shall be entered in the subscription certificate for the corporate debenture in the case where the corporate debenture is issued under the provisions of paragraphs 1 to 3 inculsive.

Article 113.　In case the corporation has sold or donated the revalued assets or has decreased the book value with regard to them, if the corporation has reduced revaluation reserves in accordance with the provision of Article 104 or Article 105, the reduced amount shall not be included in the total loss under the provision of Article 2 paragraph 1 item (1) of the Law concerning the Temporary Measures for Dividend of Profits and Others of Corporation (Law No.190 of 1947) for the accounting period concerned for the purpose of application of the provision of Article 2 paragraph 1 of the same Law.

Article 114.　The provisions of this Chapter (excluding a part of Article 98 which is relating to Article 34 of the Commercial Code) shall not apply to the non-taxable corporation under the provision of Article 39, which has revalued its assets, and to the corporation having neither head office nor principal office within the enforcement area of this Law, which has revalued its assets located within the said enforcement area.

Article 115.　The revaluation profit held by a corporation shall not be counted in the gross income in computing its income under the provisions of the Corporation Tax Law for the Accounting period involving the revaluation date.

Article 116.　The revaluation reserves of a corporation shall not be counted in the reserves under Article 16 of the Corporation Tax Law, in computing the reverses for each accounting period under the provisions of the Corporation Tax Law.

Article 117.　In case the amalgamating corporation has not set aside any amount as its revaluation reserves in accordance with the provision of Article 108 or has added any amount to its revaluation reserve, the amount thus set aside or added shall not be counted in the gross income having accrued to the said amalgamating corporation due to the amalgamation in computing the income under the provisions of the Corporation Tax Law.

Article 118.　In case a corporation has sold or donated its revalued assets or has decreased the book value of the assets concerned, if the revaluation reserves have been reduced in accordance with the provision of Article 104 or Article 105, the amount thus reduced shall not be counted in the business expense in computing the income under the provisions of the Corporation Tax Law for the accounting period involving the day on which the revaluation reserves have been reduced.

2　In case a corporation sold the shares revalued by the corporation or increased the book value of the shares concerned, if the corporation has added any amount to its revaluation reserves or has set aside any amount as the revaluation reserves in accordance with the provision of Article 106, the amount thus added or set aside shall not be counted in the gross income in computing the income under the provisions of the Corporation Tax Law for the accounting period involving the day on which the amount has been added to its revaluation reserve or on which the amount has been set aside as the revaluation reserves.

Article 119.　In case a corporation has transferred the revaluation reserves to the capital in accordance with the provision of Article 109, the transferred amount shall not be deemed the amount of the dividend of profits or of the distribution of surpluses, in computing the income under the provisions of the Corporation Tax Law or the Income Tax Law.

Article 120.　The revaluation tax which a corporation has paid of is liable to pay for each accounting period, or the revaluation tax which an individual has paid or is liable to pay for each year, shall no tbe counted in the business expense or necessary expense, in computing the income under the provisions of the Corporation Tax Law or the Income Tax Law.

Article 121.　As regards the depreciable assets having been revalued by a corporation or an individual, the depreciation charges as computed in accordance with the provisions of the Corporation Tax Law or the Income Tax Law on the basis of the revaluation amount (or in a case where the revaluation amount has been corrected in accordance with the provision of Article 65 or Article 67, the revaluation amount after the correction;hereinafter the same in this Article) shall, on or after the revaluation date of the said assets, be counted in business expenses or necessary expenses in computing the income under the provisions of the Corporation Tax Law or the Income Tax Law.

2　The provision of the preceding paragraph shall apply to the tangible depreciable assets, in so far as the cumulated amount of depreciation charges which has been counted, in accordance with the provision of the same paragraph, in the business expenses or necessary expense in computing the income under the provisions of the Corporation Tax Law or the Income Tax Law, does not reach the amount equivalent to 90% of the revaluation amount of the assets concerned.

Article 122.　The concerned official may, if he deems it necessary for the enforcement of this Law, require a person as enumerated in each of the following items to submit the report, inquire a person as enumerated in each of the following items, or enter in the place of business or enterprise kept by a person as enumerated in item (1) to (3) inclusive and inspect the assets or the books and records relating to the said assets:

2　In case the concerned official inquires the person or enters the place and inspects the books, etc. in accordance with the provision of the preceeding paragraph, he shall carry the certificate of his status and show it to the interested parties.

3　The authority to inquire or to enter and inspect under the provision of paragraph 1 shall not be interpreted as having been bestowed for the search of crime.

Article 123.　This Law shall be enforced in Honshu Hokkaido, Shikoku, Kyushu and their adjacent islands as may be prescribed by Cabinet Order.

Article 124.　Any person who has evaded or has been exempted from the revaluation tax by fraud or other unjust behaviors shall be punished with a penal servitude for the term not more than three years and or with a fine not more than 5,000,000 yen.

2　In case the evaded revaluation tax as referred to under the preceding paragraph exceeds 5,000,000 yen, the fine under the same paragraph may be increased up to the amount which exceeds 5,000,000 yen but not exceeds the amount equivalent to the evaded revaluation tax, according to the circumstances.

Article 125.　Any person who has filed the return as referred to under the provision of Article 45 or Article 46 stating therein the revaluation amount which exceeds the maximum limit as referred to under Chapter III, shall be punished with a penal servitude for the term not more than one year and/or with a fine not more than 1,000,000 yen.

Article 126.　Any person who falls under any one of the following items shall be punished with a penal servitude for the term not more than one year or with a fine not more than 200,000 yen:

Article 127.　Any person who falls under any one of the following items shall be punished with a fine not more than 100,000 yen;provided, that the punishment may be exempted, according to the circumstances:

Article 128.　In case any person who is engaged in or has been engaged in the business relating to the investigation of revaluation tax divulges or abuses the secret acquired about his business, the person shall be punished with a penal servitude for the term not more than two years or with a fine not more than 30,000 yen.

Article 129.　In case a representative of a corporation or an agent, employee or other worker of a corporation or of an individual has committed an offense against the provision of Articles 124 to 127 inclusive with regard to the business or assets of the corporation or the individual, the corporation or the individual shall be punished with the fine under each of the Articles concerned in addition to punishing the offender.

Article 130.　To a person who has committed the offense under Article 124 paragraph 1, the provisions of Article 48 paragraph 2, Article 63 and Article 66 of Criminal Code (Law No.45 of 1907) shall not apply;provided, that this shall not hold good in respect to the case where the penal servitude is to be imposed or in respect to the penal servitude in the case where the penal servitude and the fine are both to be imposed.