The Equalization of Land Rights Act Article 38-1

In case the land is exempted from the levy of land value increment tax, according to the provisions of Article 35-3, when its ownership is transferred, dien is created over it or its ownership is transferred to the trustee according to the provisions of Paragraph 1 of Article 35 of the Trust Act, “the value of land originally assessed” or “the value of land at the penultimate transfer” before the exemption of the land value increment tax shall be deemed as its “original value of land” for the calculation of its land value increments. But the definition of “the original value of land” for the condition, as prescribed by the provision of Paragraph 2 of Articles 42, shall be defined according to its provisions.For the trust, where consistency is due to the testament and which takes land as its fiduciary property during its consistency, its “original value of land” denotes “the publicly announced current land value” on the day when the ancestor dies.The provisions in relation to the reduction and exemption or imputation, as provided by Article 36, shall, mutatis mutandis, apply to the calculation of the amount of land value increment tax of the land referred to in the two preceding Paragraphs, if the mandator or the trustee has paid, during the existence of the fiduciary relation, the cost of land improvement as provided by Subparagraph 2 of Article 36, or additional payment of the land value tax as provided by Subparagraph 3 of Article 36