The Assets Revaluation Law (Law No.110 of 1950) shall be partially amended as follows:
In the Contents, "Articles 6-16" shall be amended as "Articles 6-16-(2)" and "Articles 17-35" shall be amended as "Articles 17-35-(2)" .
In Article 2 paragraph 8, "the Law for Temporary Measures of Coal Mining, Etc." shall be amended as "the old Law for Temporary Measures of Coal Mining, Etc." .
In Article 5 item (7), "Shipping Control Association" shall be amended as "Civil Merchant Marine Commission" .
In Article 7, ", Article 13-(2) paragraph 1 or Article 14-(2) paragraphs 1 to 3 inclusive" shall be added next to "paragraph 1 of the preceding Article" .
In the main clause of Article 8 paragraph 2, "or of Article 13-(3)" shall be added next to "the preceding paragraph" ;and in the proviso to the same paragraph, ", or where the revaluation amount of the revaluation made in accordance with the provisions of Article 13-(3) reaches the limit of the revaluation amount as provided for in Article 21-(2)" shall be added next to "Article 17 paragraph 1 and paragraph 3" .
In Article 9 paragraph 2, "the increase or decrease of capital stock" shall be amended as "increase in capital" or issuance of shares (excluding the issuance in case of dividend of profits by shares newly issued and the issuance of shares due to the transfer of reserves provided for in Article 16 of the Corporation Tax Law into capital;hereinafter the same), reduction in capital, division or consolidation of shares ", and" , or on account of the dividend of profits by shares of the issuing corporation, or on account of transfer of reserves provided for in Article 16 of the Corporation Tax Law into capital "shall be added next to" dissolution or amalgamation of the issuing corporation ";in paragraph 3 of the same Article," (or the paid-up amount, if the property is share)"shall be deleted;and the following one paragraph shall be added in the same Article:
5 In the case falling under paragraph 3, if there is share among the acquired properties, the value of such share shall be the face value of the share (in the case of the investment, the amount of investment), for the purpose of the application of the same paragraph; provided that, if a corporation which issues such shares as acquired on account of redemption of stock, reduction in capital of the issuing corporation, dissolution thereof, allotment based on the investment of, the assets made by the issuing corporation to the second company or new company, or of retirement or secession issues non-par stock, or if a corporation which issues such shares as acquired due to amalgamation has issued the non-par stock on account of the amalgamation, the value of the share concerned shall be the amount as provided for in item (1) or (2) respectively:
(1) The amount of capital of the issuing corporation divided by the total number of issued shares as of the time when the resolution concerning the redemption of shares which is the cause for acquisition of the share or concerning the reduction in capital was made, or when the decision concerning the distribution of residual assets due to dissolution was taken, or as of the time of investment of assets to the second company or new company, or as of the time of retirement or secession;
(2) The amount of increased capital due to the amalgamation concerned (in the case of establishment of corporation due to amalgamation, the amount of capital as of the time of establishment of the corporation) divided by the number of shares issued due to the amalgamation concerned.
The following two Articles shall be added next to Article 13:
(The Second Revaluation of Corporate Assets)
Article 13-(2). Every corporation may make revaluation with regard to the assets provided for in Article 6 paragraph 1 (excluding shares of stock) which have not been revalued under the provision of the same paragraph or of which revaluation amount of the revaluation made in accordance with the provision of the same paragraph did not reach the limit amount of revaluation as provided for in Article 17 to Article 20 paragraph 1 inclusive or Article 21 paragraph 1, as of any date of the following dates (in case the accounting period of the corporation concerned ends in a term from January 1, 1951 to March 31 of the same year, the date as enumerated in item (2)):
(2) The opening date of the accounting period (in case there are, if any, two or more accounting periods, one accounting period of them;provided that an accounting period which ends before March 31 of the same year shall be excluded) beginning on a day of a term after January 1, 1951 to September 30 of the same year.
2 With respect to the application of the provision of the preceding paragraph to the corporation engaged in public utility as provided for in the Public Utilities Order (Cabinet Order No.343 of 1950) or such other similar business as may be prescribed by Cabinet Order, "September 30 of the same year" mentioned in item (2) of the same paragraph shall be made "September 30, 1952" .
3 The provision of Article 6 paragraph 3 shall apply mutatis mutandis to the case under paragraph 1.
(The Second Revaluation of Individual's Depreciable Assets)
Article 13-(3). Every individual may make revaluation as of January 1, 1951 with regard to the assets provided for in Article 8 paragraph 1 or Article 10 paragraph 1 (excluding the assets as used for business purpose on or after January 1, 1951) which have not been revalued in accordance with the provision of Article 8 paragraph 1 (including a case where this provision applies mutatis mutandis in Article 10 paragraph 1;hereinafter the same in this Article) or of which revaluation amount of the revaluation made in accordance with the provision of Article 8 paragraph 1 did not reach the limit amount of revaluation as provided for in Article 17 to Article 19 inclusive or Article 27.
The following one Article shall be added next to Article 14:
(The Second Revaluation in Case of Amalgamation)
Article 14-(2). The amalgamating corporation as provided for in the former clause of paragraph 1 of the preceding Article may make revaluation with regard to the assets provided for in Article 6 paragraph 1 (excluding shares of stock;hereinafter the same in this Article) which have been acquired due to the said amalgamation and which have not been revalued in accordance with the provision of paragraph 1 of the preceding Article or of which revaluation amount of the revaluation made in accordance with the provision of the same paragraph did not reach the limit amount of revaluation as provided for in Article 17 to Article 20 paragraph 1 inclusive or Article 21 paragraph 1, as of the date as provided for in Article 13-(2). The same shall apply to the assets as provided for in the latter clause of paragraph 1 of the preceding Article which have been acquired by the amalgamating corporation as provided for in the latter clause of the same paragraph (excluding the amalgamating corporation in the case of amalgamation made on or after January 1, 1951) due to the said amalgamation and which have not been revalued in accordance with the provision of the same paragraph or of which revaluation amount of the revaluation made in accordance with the provision of the same paragraph did not reach the limit amount of revaluation as provided for in Article 17 to Article 20 paragraph 1 inclusive or Article 21 paragraph 1.
2 In a case where a corporation has amalgamated with an other corporation during a term from September 1, 1950 to December 31 of the same year, if the assets acquired by the amalgamating corporation (excluding the amalgamating corporation as provided for in the latter clause of the preceding paragraph) due to the said amalgamation include such assets provided for in Article 6 paragraph 1 which have not been revalued by the amalgamated corporation in accordance with the provision of the same paragraph or paragraph 1 of the preceding Article or of which revaluation amount of the revaluation made by the amalgamated corporation in accordance with the provision of Article 6 paragraph 1 or paragraph 1 of the preceding Article did not reach the limit amount as provided for in Article 17 to Article 20 paragraph 1 inclusive or Article 21 paragraph 1, the said amalgamating corporation may make revaluation with regard to the assets concerned as of the date as provided for in Article 13-(2).
3 In a case where a corporation has amalgamated with another corporation during a term from January 1, 1951 to September 30 of the same year (or to September 30, 1952, with respect to a corporation as engaged in business as prescribed by Cabinet Order under the provision of Article 13-(2) paragraph 2), if the amalgamated corporation has not yet made revaluation under the provision of Article 13-(2) paragraph 1 or the provision of paragraph 1 or the preceding paragraph, the amalgamating corporation may make revaluation with regard to the assets which could be revalued by the said amalgamated corporation under these provisions and which have been acquired by the said amalgamating corporation due to the amalgamation, as of the date of amalgamation (in case the accounting period covering the date of amalgamation ends before March 31, 1951, the opening date of the next accounting period to the said accounting peried).
4 The provision of Article 6 paragraph 3 shall apply mutatis mutandis to the cases under paragraphs 1 and 2.
In Article 15, "the increase or decrease of capital," shall be amended as "the increase in capital, issuance of shares, reduction in capital, division or consolidation of shares," , and ", the dividend of profits by shares of issuing corporation, or transfer of reserves provided for in Article 16 of the Corporation Tax Law into capital," shall be added next to "or amalgamation of the issuing corporation," .
In Chapter II, the following one Article shall be added next to Article 16:
(The Second Revaluation in Case of Death)
Article 16-(2). In a case where an individual has died during a term from January 1, 1951 to September 30 of the same year, if the said individual has not yet made revaluation under, the provision of Article 13-(3), a successor of the said individual may make revaluation as of January 1, 1951 with respect to the assets (excluding houses) which could be revalued by the said individual under the provision of the same Article.
2 The provisions of paragraphs 4 to 6 inclusive of the preceding Article shall apply mutatis mutandis to the case under the preceding paragraph.
In Article 17 paragraph 1, "determined as for the assets concerned in accordance with the provisions of the Corporation Tax Law" shall be amended as "as of 1950, determined on the corporation's assets owned by a corporation in accordance with the provisions of the Corporation Tax Law and determined on the assets owned by an individual in accordance with the provisions of the Income Tax Law" .
The following one Article shall be added next to Article 21:
(Revaluation Amount in case of the Second Revaluation)
Article 21-(2). The revaluation amount of depreciable assets, other business assets, lands or rights on lands, in a case of revaluation made in accordance with the provisions of Article 13-(2) paragraph 1, Article 13-(3), Article 14-(2) or Article 16-(2) paragraph 1 may not, regardless of the provisions of Article 17 to the preceding Article inclusive and Article 27, exceed the limit amount of revaluation amount computed under these provisions minus, as for the assets of a corporation, such depreciation charges amount of or reductions in book-values of the assets concerned as correspond to a term from the basic date (with respect to the assets revalued in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1, the revaluation date of the revaluation concerned) to the revaluation date of the revaluation, during which depreciation or reduction in book-values was made (excluding the depreciation assets;hereinafter the same), as provided for in Article 13-(2) paragraph 1 or Article 14-(2) and as included or to be included in business expenses for the purpose of computing income under the provisions of the Corporation Tax Law, or, as for the assets of an individual, such depreciation charges of the assets concerned recognized as included in the necessary expenses for purposes of the computation of income under the provisions of the Income Tax Law, according to the term from the basic date (with respect to the assets revalued in accordance with the provision of Article 8 paragraph 1 (including a case where this provision applies mutatis mutandis in Article 10 paragraph 1), the revaluation date of the revaluation concerned) to the revaluation date of the revaluation as provided for in Article 13-(3) or Article 16-(2) paragraph 1.
In Article 23 item (1), ", or the issuance of shares" shall be added next to "the increase of capital" ;and in a. of the same item, ", or where the old or new share is a non-par stock" shall be added next to "equal to that of new share" ;and in b. of the same item, "(excluding a case where the old or new share is non-par stock;hereinafter the same in Article 43)" shall be added next to "different from that of new share" ;and in the formulas of a. and b. of the same item, "(Paid-up amount of new share Subscribed number of new shares per old share)" shall be amended as "(Paid-up amount for new share Number of subscribed shares per ol dshare)" ;and in item (3) a. of the same Article, "In case, with regard to the shares thus delivered," shall be amended as "In case only the shares are delivered, among the value of share thus delivered (meaning the value of share as provided for in Article 9 paragraph 5;hereinafter the same in this Article)," , and "paid-up amount" as "value" ;and in b. of the same item, "paid-up amount of share of the amalgamating corporation" shall be amended as "value of delivered share" ;and in c. of the same item, "paid-up amount" shall be amended as "value" ;and in d. of the same item, "paid-up amount of the share of the amalgamating corporation" shall be amended as "value of delivered share" ;and in item (4) of the same Article, ", division on consolidation of share" shall be added next to "decrease of capital of the issuing corporation" , and "dividend of profits by shares of the issuing corporation, transfer of reserves provided in Article 16 of the Corporation Tax Law into capital," shall be added next to "dissolution," .
In Article 24 paragraph 1, "December 31, 1954" shall be amended as "December 31, 1955" , and "a corporation which transfers, before the opening date of the said accounting period, the amount corresponding 75% of the revaluation reserves to the capital in accordance with the provision of Article 109 paragraph 1," shall be amended as "a corporation which has, in accordance with the provision of Article 109 paragraph 1, transferred to the capital the revaluation reserves equipment to such limit amount of revaluation reserves provided for in the same paragraph as transferable into capital, before the opening date of the said accounting period" .
In Article 26, "in accordance with the provision of paragraph 1 of the preceding Article" shall be amended as "according with the necessary modification to the provision of paragraph 1 of the preceding Article" .
In Article 27, "or with the provision of Article 16 paragraph 3" shall be added next to "Article 8 paragraph 1" , and "depreciation charge" shall be amended as "amount of reductions" .
In Article 31 paragraph 2, "(excluding the depreciation of the fixed assets;hereinafter the same)" shall be deleted;and the following one paragraph shall be added to the same Article:
4 The provisions of paragraphs 1 and 2 shall not apply to the reduction in book value after the basic date (or, as for the assets revalued in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1, after the revaluation date of such revaluation) in case revaluation is made in accordance with the provisions of Article 13-(2) paragraph 1 or Article 14-(2).
In Chapter III, the following one Article shall be added next to Article 35:
(Obsolete Assets, Etc. in case of the Second Revaluation)
Article 35-(2). In a case where the revaluation is made in accordance with the provisions of Article 13-(2) paragraph 1, Article 13-(3), Article 14-(2) or Article 16-(2) paragraph 1, if the value of the assets prescribed in the provision of paragraph 1 of the preceding Article increased after the basic date;the provisions of paragraph 1 of the preceding Article shall apply to the assets concerned on the presumption that the revaluation date of the revaluation under the provisions of Article 13-(2) paragraph 1, Article 13-(3), Article 14-(2) or Article 16-(2) paragraph 1 is the basic date, and that the limit of the revaluation amount computed under the provision of Article 21-(2) is that limit computed under the provisions of Article 17 to Article 20 paragraph 1 inclusive or Article 21 paragraph 1.
In Article 36, "or Article 14 paragraph 1" shall be amended as ", Article 13-(2) paragraph 1, Article 13-(3), Article 14 paragraph 1 or Article 14-(2)" , and "(including the case where this provision applies mutatis mutandis in Article 16-(2) paragraph 2)" shall be added next to "Article 16 paragraph 5" .
Article 38 paragraph 3 shall be amended as follows:
3 In the case of the preceding paragraph, if there are two or more successors, the amount of revaluation tax each successor has to pay is computed in proportion to the benefit each successor received because of the succession. In this case, each successor shall be liable to joint payment with respect to the other successor's revaluation tax to the extent of the benefit he received.
In Article 40 paragraph 2, "(in case the revaluation has been made again in accordance with the provisions of Article 13-(2) paragraph 1 or Article 14-(2) with respect to the assets already revalued in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1, the amount which is reduced by such part of the amount concerned as were already subject to the provision of this paragraph and as were added to the book value of the assets concerned just prior to the revaluation date under the provision of Article 6 paragraph 1 or Article 14 paragraph 1)" shall be added next to "the amount as prescribed in each item concerned" ;in paragraph 3 item (1) of the same Article, "Article 100 paragraph 1 or paragraph 2" shall be amended as "Article 100 paragraphs 1 to 3 inclusive" ;and the following one paragraph shall be added to the same Article:
4 In a case where the assets which were already revalued in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1 has been revalued again in accordance with the provisions of Article 13-(2) paragraph 1 or Article 14-(2), if any amount was already deducted in accordance with the provision of item (2) of the preceding paragraph from the amount computed with respect to the assets concerned in accordance with the provision of paragraph 1, the provision of the preceding paragraph shall apply on the presumption that, the sum counted as the amount enumerated in Article 3 item (1) of the Enterprise Reconstruction and Reorganization Law in computing the special loss provided for by the same Law, with respect to the assets concerned, minus such deducted amount is the sum, counted as the amount enumerated in the same item.
In Article 42 paragraph 1, "in accordance with the provisions of Article 8 paragraph 1 (including the case where this provision applies mutatis mutandis in Article 10 paragraph 1;hereinafter the same in this Article) or Article 16" shall be added next to "an individual has revalued" ;and in paragraph 2 of the same Article, "Article 8 paragraph 1 (including the case where this applies mutatis mutandis in Article 10 paragraph 1;hereinafter the same in this Article)" shall be amended as "Article 8 paragraph 1 or Article 13-(3)" , "each item of the preceding paragraph" as "each item of paragraph 1" , "Article 10-(7) of the Income Tax Law" as "Article 10-(6) of the Income Tax Law" , and "(in case the expense has been incurred for the sale, the amount from which the expense is deducted;hereinafter the same)" shall be added next to the "if the selling price)" , and the same paragraph shall be made paragraph 4 of the same Article;and in the main clause of paragraph 3 of the same Article, "in accordance with the provision of Article 8 paragraph 1" shall be amended as "in accordance with the provision of Article 8 paragraph 1 or Article 13-(3)" , "the total of the depreciation amount under the main clause of the preceding paragraph and the revaluation amount under Article 8 paragraph 1 and Article 17 paragraph 1 and paragraph 3" as "the total of the amount under each item of paragraph 1, the depreciation amount as provided for in the main clause of the preceding paragraph and the revaluation profit under the revaluation made in accordance with the provision of Article 8 paragraph 1 or Article 13-(3)(in case the said house concerned has been revalued in accordance with the provisions of Article 8 paragraph 1 and Article 13-(3), the total of the revaluation profits under revaluations made in accordance with these provisions;hereinafter the same)" ;and in the proviso to the same paragraph, "the revaluation amount as provided for in Article 8 paragraph 1 and Article 17 paragraph 1 and paragraph 3" shall be amended as "the total of the amount under each item of paragraph 1 and the revaluation profit under the revaluation made in accordance with the provision of Article 8 paragraph 1 or Article 13-(3)" , and the same paragraph shall be made paragraph 5 of the same Article;and in paragraph 4 of the same Article, "proviso to paragraph 2" shall be amended as "proviso to paragraph 4" , and the same paragraph shall be made paragraph 6 of the same Article;and the following two paragraphs shall be added next to paragraph 1 of the same Article:
2 In case an individual has made revaluation in accordance with the provision of Article 13-(3) or Article 16-(2) paragraph 1 with respect to the assets which were not revalued in accordance with the provision of Article 8 paragraph 1, the revaluation profit of the assets concerned shall be the revaluation amount less the amount under each item of the preceding paragraph which is deducted by such depreciation charges of the assets to be included in the necessary expenses in computing the income under the provisions of the Income Tax Law according to the term from the basic date to the revaluation date.
3 In case an individual has made revaluation again in accordance with the provision of Article 13-(3) or Article 16-(2) paragraph 1 with respect to the assets already revalued in accordance with the provision of Article 8 paragraph 1, the revaluation profit of the assets concerned shall be the revaluation amount minus the revaluation amount under revaluation made in accordance with the provision of Article 8 paragraph 1 which is deducted by such depreciation charges to be included in the necessary expense in computing the income under the provisions of the Income Tax Law according to the term from the old revaluation date to the revaluation date of the revaluation under the provision of Article 13-(3) or Article 16-(2) paragraph 1.
In Article 43 paragraph 1 item (2) a, "or if the old share or new share is the non-par stock" shall be added next to "equals to the paid up amount of the new share" ;in the formulas under a or b of the same item, "(Paid-up amount of new share Number of subscribed new shares per old share)" shall be amended as "(Paid-up amount for new share Number of subscribed new shares per old share)" ;in item (4) d (i) of the same paragraph, "paid-up amount of the amalgamating corporation's share" shall be amended as "the value of the amalgamating corporation's share (meaning the value of the share as provided for in Article 9 paragraph 5;hereinafter the same in this item);in d (ii) of the same item," the paid-up amount "shall be amended as" the value ";in paragraph 3 of the same Article," paragraph 4 of the preceding Article "shall be amended as" paragraph 6 of the preceding Article ";and in paragraph 4 of the same Article," (as for the shares of stock, their paid-up amount) "shall be amended as" (as for the shares of stock, the amount as provided for in Article 9 paragraph 5)".
The following one Article shall be added next to Article 45:
(Return on the Second Revaluation by Corporation)
Article 45-(2). A corporation which has made revaluation in accordance with the provisions of Article 13-(2) paragraph 1 or Article 14-(2) shall file a return stating therein matters prescribed in the provision of paragraph 1 of the preceding Article as for the revalued assets with 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 coverning the revaluation date (if the closing date of the accounting period covering the revaluation date for the corporation other than the corporation engaged in the business as provided for by Cabinet Order under Article 13-(2) paragraph 2 is later than October 1, 1951, by November 30 of the same year).
2 The detailed statements stating therein matters prescribed in paragraph 4 of the preceding Article as for the revalued assets shall be attached to the return under the preceding paragraph.
3 In case a corporation which was required to file a return in accordance with the provision of paragraph 1 has ceased to exist due to amalgamation before filing the return, the amalgamating corporation shall file the return in accordance with the provision of the preceding two paragraphs.
4 The provision of Article 24 paragraph 2 shall apply mutatis mutandis to the accounting period under paragraph 1.
In Article 46 paragraph 1, "January 31" shall be amended as "the end of February" ;in paragraph 2 of the same Article, "January 1 to 31" as "first to last day of February" ;and in paragraphs 4 and 7 of the same Article, "the preceding Article" shall be amended as "Article 45" ;and the following one Article shall be added next to the same Article:
(Return on the Second Revaluation of Individual's Depreciable Assets)
Article 46-(2). An individual who has made the revaluation in accordance with the provision of Article 13-(3) or Article 16-(2) paragraph 1 shall file a return stating therein matters prescribed in the provision of paragraph 1 of the preceding Article as for the revalued assets with the chief of the taxation office having jurisdiction over the place of taxpayment by September 30, 1951 (in case of revaluation under the provision of Article 16-(2) paragraph 1, if the said individual has know the fact of the succession or bequest on or after June 1 of the same year, within four months from the day on which he knew the fact).
2 The provision of Article 45-(2) paragraph 2 shall apply mutatis mutandis to the filing of the return under the preceding paragraph.
3 The provisions of paragraphs 5 and 6 of the preceding Article shall apply mutatis mutandis to an individual who is required to file a return in accordance with the provision of paragraph 1.
In Article 47 paragraph 1, "January 1 to 31" shall be amended as "the first to last day of February" ;and in paragraph 4 of the same Article "the preceding Article" shall be amended as "Article 46" .
In Article 48 paragraph 1, "Article 45" shall be amended as "Article 45 or Article 45-(2)" , and "Article 46" as "Article 46 or Article 46-(2)" .
In Article 50, "Article 14 paragraph 1 or Article 16" shall be amended as "Article 13-(2) paragraph 1, Article 13-(3), Article 14 paragraph 1, Article 14-(2), Article 16 or Article 16-(2) paragraph 1" , and "Article 45 or Article 46" as "Article 45 to Article 46-(2) inclusive" .
Article 51 paragraph 3 shall be made paragraph 4 of the same Article, and the numbering of the ensuing paragraphs shall be, moved down by one;and the following one paragraph shall be added next to paragraph 2 of the same Article:
3 With respect to the payment of the revaluation tax for the depreciable assets which were revalued in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1, and have been revalued again in accordance with the provisions of Article 13-(2) paragraph 1 or Article 14-(2), the provision of paragraph 1 shall apply respectively to the revaluation tax amount under the revaluation made in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1 and to the revaluation tax amount under the revaluation made in accordance with the provisions of Article 13-(2) paragraph 1 or Article 14-(2).
In Article 52 paragraph 1, "December 31, 1954" shall be amended as "December 31, 1955" ;and in paragraph 2 of the same Article, "the paid-up amount, in case the property concerned is the shares" shall be amended as "the value as provided for in Article 9 paragraph 5, in case the property concerned is the shares" , "December 31, 1954" as "December 31, 1955" , and "which has transferred the amount equivalent to 75% of the revaluation reserves in capital in accordance with the provision of Article 109 paragraph 1" as "which has in accordance with the provision of Article 109 paragraph 1, transferred to the capital the revaluation reserve of the amount equivalent to the limit amount of revaluation reserves as transferable into the capital" .
In Article 53 paragraph 1, "1st to 31st of January" shall be amended as "first to last day of February" ;and in paragraph 2 of the same Article, "the preceding paragraph" shall be amended as "the preceding two paragraphs" , "the provision of the same paragraph" as "these provisions" , and "1st to 31st of January" as "first to the last day of February" , and the same paragraph shall be made paragraph 3 of the same Article;and in paragraph 3 of the same Article, "Article 16" shall be amended as "Article 16 or Article 16-(2) paragraph 1" , "or paragraph 5" as "or paragraph 5 or Article 46-(2) paragraph 1" , and the same paragraph shall be made paragraph 4 of the same Article;and in paragraph 4 of the same Article, "in accordance with the provision of Article 46 paragraph 6" shall be amended as "in accordance with the provision of Article 46 paragraph 6 (including the case where this provision applies mutatis mutandis in Article 46-(2) paragraph 3;hereinafter the same in this Article)" , and "the preceding three paragraphs" as "the preceding four paragraphs" , and the same paragraph shall be made paragraph 5 of the same Article;and the following one paragraph shall be added next to paragraph 1 of the same Article:
2 An individual who has made revaluation with regard to this depreciable assets in accordance with the provision of Article 13-(3) shall pay to the Government the revaluation tax equal to 20% of the revaluation tax on the assets concerned within the term from first to last day of February of each year for five years from 1952.
In Article 55 paragraph 2, "Article 53 paragraph 1" shall be amended as "Article 53 paragraph 1 or paragraph 2" , "Article 51 paragraph 3" as "Article 51 paragraph 4" , "Article 53 paragraph 2" as "Article 53 paragraph 3" ;and the following one paragraph shall be added to the same Article:
3 With respect to the payment of the increased revaluation tax amount due to the fact that the revised return under the provisions of Article 48 has been filed relating to the depreciable assets which were revalued in accordance with the provision of Article 6 paragraph 1, Article 8 paragraph 1 or Article 14 paragraph 1 and have been revalued again in accordance with the provisions of Article 13-(2) paragraph 1, Article 13-(3) or Article 14-(2), the provision of the preceding paragraph shall apply respectively to the revaluation tax amount on the revaluation made under Article 6 paragraph 1, Article 8 paragraph 1 or Article 14 paragraph 1 and to the revaluation tax amount on the revaluation made under Article 13-(2) paragraph 1, Article 13-(3) or Article 14-(2).
In Article 56 paragraph 3, "the preceding two paragraphs" shall be amended as "the preceding three paragraphs" , and "December 31, 1954" as "December 31, 1955" ;the same paragraph shall be made paragraph 4 of the same Article;the numbering of the subsequent paragraphs to paragraph 6 of the same Article shall be moved down by one;in paragraph 7 of the same Article, "paragraphs 1 to 5 inclusive" shall be amended as "paragraph 1, paragraph 2 and paragraphs 4 to 6 inclusive" ;and the same paragraph shall be made paragraph 8 of the same Article, and the following one paragraph shall be added next to paragraph 2 of the same Article:
3 In case a corporation which already revalued its depreciable assets in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1 has revalued its depreciable assets again in accordance with the provisions of Article 13-(2) paragraph 1 or Article 14-(2), the provisions of the preceding two paragraphs shall apply to the total amount of revaluation tax on the revaluation made under the provision of Article 6 paragraph 1 or Article 14 paragraph 1 and revaluation tax on the revaluation made under the provision of Article 13-(2) paragraph 1 or Article 14-(2).
In Article 57 paragraph 4, "(as for the assets which are not to be revalued, the day which is to be the revaluation date if the assets are revalued)" shall be amended as "(if such corporation has two or more revaluation dates, the first revaluation date)" , and ";hereinafter the same in Article 104" shall be added next to "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" .
In Article 58 paragraph 1, "or paragraph 2" shall be added next to "Article 53 paragraph 1" , and "from 1 to 31 of January" shall be amended as "from the first to the last day of February" ;and in paragraph 2 of the same Article, "or paragraph 2" shall be added next to "Article 53 paragraph 1" , "from 1 to 31 of January" shall be amended as "from the first to the last day of February" , and "the provision of the same paragraph" as "these provisions" ;and in paragraph 3 of the same Article, "the preceding two paragraphs" shall be amended as "the preceding three paragraphs" , and "1956" as "1957" , and the same paragraph shall be made paragraph 4 of the same Article;and in paragraph 4 of the same Article, "Article 26-(4)" shall be amended as "Article 26-(3)" , and the same paragraph shall be made paragraph 5 of the same Article;and in paragraph 5 of the same Article, "from 1 to 31 of January" shall be amended as "from the first to the last day of February" , "or paragraph 2" shall be added next to "Article 53 paragraph 1" , and the same paragraph shall be made paragraph 6 of the same Article;and in paragraph 6 of the same Article, "Article 56 paragraph 6" shall be amended as "Article 56 paragraph 7" , and the same paragraph shall be made paragraph 7 of the same Article;and the following one paragraph shall be added next to paragraph 2 of the same Article:
3 In case an individual who already revalued his assets in accordance with the provision of Article 8 paragraph 1 has revalued his assets again in accordance with the provision of Article 13-(3), the provisions of the preceding two paragraphs shall apply to the total amount of revaluation tax on the revaluation made under the provision of Article 8 paragraph 1 and revaluation tax on the revaluation made under the provision of Article 13-(3).
In Article 59 paragraph 2, "the amount of depreciable limit" shall be amended as the "depreciable amount" , and "(as to the assets which are not to be revalued, the day which is to be the revaluation date if the assets are revalued)" shall be amended as "(if such individual has two or more revaluation dates, the first revaluation date)" .
In Article 60 paragraphs 1 and 2, "Article 53 paragraph 2 or paragraph 3" shall be amended as "Article 53 paragraph 3 or paragraph 4" .
In Article 61, "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" shall be amended as "the corporation has, in accordance with the provision of Article 109 paragraph 1, transferred to the capital the amount of the revaluation reserves equipment to the limit amount of the revaluation reserves provided for in the same paragraph as transferable into capital" .
In Article 62 paragraph 1, "Article 51 paragraph 3" shall be amended as "Article 51 paragraph 4" ;and in paragraph 2 of the same Article, "Article 53 paragraph 2" shall be amended as "Article 53 paragraph 3" .
In Article 65 item (1), "Article 45, Article 46" shall be amended as "Article 45 to Article 46-(2) inclusive" .
In Article 67, "or item (3)" shall be added next to "item (2)" , and ", revaluation profit or revaluation tax" next to "its revaluation amount" and to "the revaluation amount" respectively.
In Article 70, "Article 45 or Article 46" shall be amended as "Article 45 to Article 46-(2) inclusive" , "December 31, 1951" as "December 31, 1952" , and "December 31, 1950" as "December 31, 1951" .
In Article 73 paragraph 2, "Article 14 paragraph 1 or Article 16" shall be amended as "Article 13-(2) paragraph 1, Article 13-(3), Article 14 paragraph 1, Article 14-(2), Article 16 or Article 16-(2) paragraph 1" .
In Article 77 paragraph 1 item (1), "Article 53 paragraph 2, paragraph 3" shall be amended as "Article 53 paragraph 3 or paragraph 4;and in item (2) of the Same paragraph" , "Article 51 paragraph 1 or paragraph 3" shall be amended as "Article 51 paragraph 1 or paragraph 4" , and "Article 53 paragraph 1 or paragraph 2" as "Article 53 paragraphs 1 to 3 inclusive" .
In Article 79 paragraph 1, "Article 51 paragraph 3" shall be amended as "Article 51 paragraph 4" , Article 53 paragraph 2 "as" Article 53 paragraph 3 "," Article 56 paragraph 5 "as" Article 56 paragraph 6 ", and" Article_58 paragraph 5 "as" Article 58 paragraph 6".
In Article 81, "Article 56 paragraph 6" shall be amended as "Article 56 paragraph 7" , and "Article 58 paragraph 6" as "Article 58 paragraph 7" .
In Article 85 paragraph 1 and paragraph 3, "December 31, 1954" shall be amended as "December 31, 1955" .
In Article 86, "Article 53 paragraph 2" shall be amended as "Article 53 paragraph 3" .
In Article 88 paragraph 1 and paragraph 2, "Article 53 paragraphs 2 to 4 inclusive" shall be amended as "Article 53 paragraphs 3 to 5 inclusive" .
In Article 97 paragraph 1, "or Article 45-(2)" shall be added next to "Article 45" ;and in paragraph 2 of the same Article, "Article 458 paragraph 2 of the same Law," shall be deleted.
In Article 98 paragraph 1, "Article 458 paragraph 2 of the same Law," shall be deleted.
The following one paragraph shall be added to Article 99:
2 The provision of Article 288-(2) item (3) of the Commercial Code (including the case where this provision applies mutatis mutandis in Article 46 paragraph 1 of the Limited Company Law;hereinafter the same) shall not apply to the revaluation profits of corporation.
In Article 100 paragraph 3, "the preceding two paragraphs" shall be amended as "the preceding three paragraphs" , and the same paragraph shall be made paragraph 4 of the same Article;and the following one paragraph shall be added next to paragraph 2 of the same Article:
3 In case a company which opened a suspense account as provided for in the provisions of the Enterprise Reconstruction and Reorganization Law has been revalued again in accordance with the provision of Article 13-(2) paragraph 1 or Article 14-(2) as to the assets already revalued in accordance with the provision of Article 6 paragraph 1 or Article 14 paragraph 1, if some amount of money for such assets was already recorded on the liabilities side of the balance sheet as a suspense account in accordance with the provision of the preceding paragraph, the preceding paragraph shall apply on the presumption that the sum counted as the amount enumerated in Article 3 item (1) of the same Law in computing the special loss as referred to in the same Law, with regard to the assets concerned, minus the amount of money already recorded is the sum counted as the amount enumerated in the same item.
In Article 101 paragraph 1, "within the limit of such revaluation profits minus the revaluation tax (excluding interest on delinquent tax, negligence declaration additional tax, negligence payment additional tax, non-filing additional tax, heavy additional tax and delinquent additional tax as provided for by the National Tax Collection Law;hereinafter the same in this Article, Article 107, Article 109 and Article 112) due to the revaluation concerned" shall be added next to "the revaluation profits due to the revaluation concerned" ;and in paragraph 2 of the same Article, "minus the revaluation tax due to the revaluation concerned" shall be added next to "the revaluation profits due to the revaluation concerned" .
In Article 102, "(excluding a corporation in liquidation at the revaluation date)" shall be deleted.
In Article 104 paragraph 1, "December 31, 1954" shall be amended as "December 31, 1955" , "(as to the assets which were revalued twice, just prior to the first revaluation date;hereinafter the same in this Article)" shall be added next to "just prior to the revaluation date" , and "(in case of the depreciation on such assets after the revaluation date, if the depreciation charges involve some amount of money which has not been counted or should not have been counted into business expenses in computing the income under the provisions of the Corporation Tax Law, the book value plus such amount)" shall be added next to "the book value of such assets at the time of gift" ;and in paragraph 2 of the same Article, "December 31, 1954" shall be amended as "December 31, 1955" .
In Article 105 paragraph 1 and paragraph 3 as well as Article 106 paragraph 1 and paragraph 2, "December 31, 1954" shall be amended as "December 31, 1955" .
In Article 107 paragraph 1, "(as for the revaluation reserves of a financial institution which has opened the adjustment account under the provisions of the Financial Institutions Reconstruction and Reorganization Law, items (1) and (3))" shall be added next to "each of the following items" ;and in item (3) of the same paragraph, "for the recovery of losses" shall be amended as "to recover losses to the extent of the revaluation reserves minus amount of revaluation tax to be paid by such corporation" ;and item (4) of the same paragraph shall be amended as follows:
(4) Where a corporation which has been dissolved distributes its residual property;
(5) Where the equity of investment is refunded due to the retirement or secession.
The following one paragraph shall be added to the same Article:
3 As for the reduction of revaluation reserves of a financial institution which has opened the adjustment account under the provisions of the Financial Institutions Reconstruction and Reorganization Law, the matters other than those prescribed by this Law shall be provided for by law separately.
In Article 109 paragraph 2, "the preceding paragraph" shall be amended as "paragraph 1" , and the same paragraph shall be made paragraph 3 of the same Article;and paragraph 1 of the same Article shall be amended as follows:
A corporation may transfer its revaluation reserves into capital to the extent of the amount equivalent to 75% of its reserves set aside as the revaluation reserves under the provision of Article 102 minus the revaluation tax due (if such corporation has paid its revaluation tax in full, whole amount of revaluation reserves, but as from January 1, 1953).
2 The provision of the preceding paragraph shall not apply to a financial institution which has opened the adjustment account under the provisions of the Financial Institutions Reconstruction and Reorganization Law.
The following one Article shall be added next to Article 110:
(Exception to the Commercial Code concerning the Appraisal Profit and Loss of Assets)
Article 110-(2). In case a corporation reduced the book value of the assets already revalued, if it has reduced its revaluation reserves in accordance with the provision of Article 104 paragraph 2 or Article 105 paragraph 3, the appraisal loss of the assets equivalent to amount thus reduces shall not be included into the depreciation in value due to revaluation under Article 288-(2) item (3) of the Commercial Code, in applying the provision of the same item.
2 In case a corporation increased the book value of the share of stock already revalued, if it has transferred some amount of money into the revaluation reserves in accordance with the provision of Article 106 paragraph 2, the appraisal profit of the assets equivalent to the amount thus transferred shall not be included into the appreciation in value due to revaluation under Article 288-(2) item (3) of the Commercial Code, in applying the provision of the same item.
Article 112 paragraph 1 shall be amended as follows:
In Applying the provision of Article 297 of the Commercial Code to a company which recorded its revaluation reserves on the liabilities side of the balance sheet, the amount equivalent to 75% of its revaluation reserves minus its revaluation tax due shall be included into the total amount of the stated capital and the reserve fund under Article 297 of the Commercial Code, after the return under Article 45 (as to the revaluation reserves due to the revaluation made under the provision of Article 13-(2) paragraph 1 or Article 14-(2), the return under Article 45-(2)) was filed.
In paragraph 2 of the same Article, "(excluding the Law concerning the Issuance of Bonds, Etc. by Banks, Etc.)" shall be added next to "the special Law and Ordinance" ;and in paragraph 5 of the same Article, "total amount of capital" shall be amended as "total amount of the stated capital and the reserve fund" .
In the heading of Article 119, "dividend" shall be deleted;and the following one paragraph shall be added to the same Article:
2 In the case under the preceding paragraph, if the corporation has issued stocks by transfer in the capital concerned, the value of the share thus issued and acquired by a person who owns the share of such corporation shall not be included into the profits or gross receipts of such person, in computing the income for the accounting period or calendar year covering the day of the acquisition under the provisions of the Corporation Tax Law or the Income Tax Law.
In Article 121 paragraph 2, "the amount equivalent to 90% of the revaluation amount" shall be amended as "the amount equivalent to 90%(as to the tangible depreciable assets of which total sum of depreciation charges to be counted in business expense or necessary expenses in computing the income under the provisions of the Corporation Tax Law or the Income Tax Law, in case revaluation has not been made with regard to the said assets, is the amount other than the amount equivalent to 90% of the cost of acquisition or the manufacturing cost of such assets, the amount computed by multiplying the revaluation amount of such assets by the ratio fixed by Ministry of Finance Ordinance) of the revaluation amount (as for the assets revalued twice, the revaluation amount due to the last revaluation)" .
In Article 125, "Article 45 or Article 46" shall be amended as "Article 45 to Article 46-(2) inclusive" .
In paragraph 13 of the Supplementary Provisions, "and the amount deducted from the revaluation reserves under the provisions of Article 104 or Article 105" shall be added next to "the revaluation tax to be paid" .