Enhanced γ-aminobutyric acid and sialic acid in fermented deer antler velvet and immune promoting effects

( Jiseon Yoo ),( Juyeon Lee ),( Ming Zhang ),( Daye Mun ),( Minkyoung Kang ),( Bohyun Yun ),( Yong-an Kim ),( Sooah Kim ),( Sangnam Oh ) 한국축산학회 2022 한국축산학회지 Vol.64 No.1

Deer antler velvet is widely used in traditional medicine for its anti-aging, antioxidant, and immunity-enhancing effects. However, few studies have reported on the discovery of probiotic strains for deer antler fermentation to increase functional ingredient absorption. This study evaluated the ability of probiotic lactic acid bacteria to enhance the concentrations of bioactive molecules (e.g., sialic acid and gamma-aminobutyric acid [GABA]) in extracts of deer antler velvet. Seventeen strains of Lactobacillus spp. that were isolated from kimchi and infant feces, including L. sakei, L. rhamnosus, L. brevis, and L. plantarum, and those that improved the life span of Caenorhabditis elegans were selected for evaluation. Of the 17 strains, 2 (L. rhamnosus LFR20-004 and L. sakei LFR20-007) were selected based on data showing that these strains increased both the sialic acid and GABA contents of deer antler extract after fermentation for 2 d and significantly improved the life span of C. elegans. Co-fermentation with both strains further increased the concentrations of sialic acid, GABA, and metabolites such as short-chain fatty acids and amino acids. We evaluated the biological effects of the fermented antler velvet (FAV) on the antibacterial immune response in C. elegans by assessing worm survival after pathogen infection. The survival of the C. elegans conditioned with FAV for 24 h was significantly higher compared with that of the control worm group fed only normal feed (non-pathogenic E. coli OP50) exposed to E. coli O157:H7, Salmonella typhi, and Listeria monocytogenes. To evaluate the protective effects of FAV on immune response, cyclophosphamide (Cy), an immune-suppressing agent was treated to in vitro and in vivo. We found that FAV significantly restored viability of mice splenocytes and immune promoting-related cytokines (interleukin [IL]-6, IL-10, inducible nitric oxide synthase [iNOS], interferon [IFN]-γ, and tumor necrosis factor [TNF]-α) were activated compared to non-fermented deer antlers. This finding indicated the protective effect of FAV against Cy-induced cell death and immunosuppressed mice. Taken together, our study suggests that immune-promoting antler velvet can be produced through fermentation using L. rhamnosus LFR20-004 and L. sakei LFR20-007.

How do International Tax Systems Influence Multinational Corporations’ Income-shifting and Dividend Strategies?

( Jiseon Yoo ),( Kiho Choi ) 한국회계학회 2018 會計學硏究 Vol.43 No.2

This study tests the effects of international tax systems on multinational corporations’ income-shifting and dividend strategies. The empirical results of the study yield three main findings. First, there is no substantial difference in the level of income shifting between foreign affiliates subject to the territorial system (territorial affiliates) and those subject to the worldwide system (worldwide affiliates). The high tax incentives of U.S. multinationals for income shifting are considered a potential factor in this result. Second, compared to worldwide affiliates, territorial affiliates remit more earnings to their parents as dividends because their dividends are exempt from repatriation taxes. Specifically, territorial affiliates pay, on average, 29.1 percent more of their earnings as dividends compared to worldwide affiliates. Lastly, territorial affiliates pay more dividends as more income is shifted in, whereas worldwide affiliate pay less dividends. The last finding implies that territorial affiliates attempt to avoid home-country taxes by shifting income to lower-tax-rate affiliates and repatriating the income to their parents. By contrast, worldwide affiliates shift income to lower-tax-rate affiliates and hold the income overseas to defer home-country taxation. The results are generally supported by a series of supplementary tests.

조세소송 판결에 대한 주식가치 반응 분석

유지선 ( Jiseon Yoo ),최기호 ( Kiho Choi ) 한국회계학회 2017 회계저널 Vol.26 No.2

본 연구는 최근 선고된 두 조세사건의 대법원 판결에 대한 주가 반응을 분석하였다. 하나의 사건은 KT의 단말기보조금에 대한 부가가치세 부과 소송이며, 다른 하나는 롯데쇼핑의 마일리지에 대한 부가가치세 부과와 관련된 소송이다. 두 사건이 주목을 받았던 이유는 그 소송가액이 큰 규모였을 뿐만 아니라, 유사한 사건에 대한 최초 판결로서 향후 유사 조세소송의 결과에 큰 영향을 미칠 것으로 관측되었기 때문이다. 또한 두 사건 모두 2심에서 패소한 후 대법원에서 승소판결을 받아 주주들이 인식하는 판결로 인한 비기대이익이 매우 커서 상당히 큰 주가상승을 예상할 수 있었다. 그러나 실제로 관찰된 주가반응은 예상보다 적었다. 선고 당일 KT와 롯데쇼핑은 각각 0.26%와 2.76%의 미약한 주가상승만을 보였다. 두 조세소송의 대법원 판결의 소송가액이 막대할 뿐만 아니라 투자가들이 예상할 수 없었던 갑작스러운 사건이었음에도 불구하고 예상보다 주가반응이 미약했던 원인으로 본 논문은 낮은 기대현금흐름 증가효과와 명성회복 효과를 제시한다. 이 중 명성효과의 영향을 보다 구체적으로 확인하기 위해 KT의 개인정보유출 및 불법보조금 과징금에 대한 주가반응을 살펴본 결과 두 사건 모두에서 실제 부과된 과징금액을 상회하는 주가하락이 관찰되었다. 이는 선행연구의 결과와 같이 비조세사건이 조세사건보다 명성효과가 크다는 사실을 나타낸다. 다음으로 KT 및 롯데쇼핑의 하급심 선고일의 주가반응을 살펴보았다. 그 결과 1·2심선고일에서도 명확하거나 일관된 주가반응을 확인할 수 없어 미약한 주가반응이 대법원 판결이나 승소판결에만 국한되어 나타난 현상이 아님을 확인하였다. This study investigates market responses towards the release of two supreme court decisions for KT and Lotte Shopping cases. Both decisions are related to disputes over value-added taxes(“VAT”) and recently ruled in favor of plaintiffs. Based on several evidential circumstances, we expect that these two decisions have significant impacts on the market value of each company. If investors are rational enough to adjust firm value of KT(Lotte Shopping) in order to reflect tax refunds equivalent to 2.43%(5.3%) of total market value, its stock price will increase approximately by 2.43%(5.3%) on the decision date. However, stock price of KT(Lotte Shopping) raised only by 0.26%(2.76%) on the decision date, which is apparently under the expected level. This study suggests that the result of mere market reaction is led by weak cash flow effects and reputational effects of court decisions. We performed several additional analysis in order to find further evidence of reputational effects. First, we investigate market reponses to imposition of two non-tax penalties to KT. In both cases, KT experienced market value reduction beyond the amount of penalties imposed. This result supports that discriminant market reactions to tax and non-tax issues are partly due to difference in the level of their reputational effects. Second, we investigate market responses to first and second tax court decisions of KT and Lotte Shopping, respectively. We consistently observe mere market reactions from first and second court decisions of KT and Lotte Shopping.

연구논문 : 구조화신탁(STARS) 거래를 이용한 국제조세전략 사례연구

유지선 ( Jiseon Yoo ),최기호 ( Kiho Choi ) 한국회계학회 2015 회계저널 Vol.24 No.5

본 논문에서는 구조화신탁(Structured Trust Advantaged Repackaged Securities, “STARS”) 거래를 통한 국제조세전략의 사례를 검토한다. STARS 거래는 2001년 미국은행인 BNY와 영국 은행인 Barclays가 수행한 조세차익거래이다. BNY는 세법상 도관으로 취급되는 신탁을 미국에 설립하고 영국에는 자회사를 설립한 후 이를 신탁의 수탁자로 지정함으로써 미국원천소득을 영국원천소득으로 전환시켰다. Barclays는 BNY에게 담보부대출을 해주면서 형식상으로는 BNY 신탁의 수익자가 될 수 있도록 일련의 계약을 맺음으로써 이 거래가 영국에서는 신탁수익으로 과세될 수 있도록 하였다. STARS 거래를 통해 BNY는 영국 자회사가 납부한 외국납부세액을 미국에서 공제받고 Barclays는 BNY의 영국 자회사가 영국에서 납부한 법인세를 환급받아서 그 일부를 스왑거래를 통해 BNY에게 이전하였다. 그 결과 미국 정부는 BNY의 외국납부세액공제 만큼의 세수 손실을 입었고 이 세수손실은 Barclays, BNY 그리고 영국정부에게로 흘러갔다. 이러한 STARS 사례는 조세전략, 조세법, 조세정책적인 면에서 다양한 시사점을 갖는다. 조세전략 측면에서 STARS 사례는 국가 간의 세법 차이를 활용한 국제조세전략이며 국내 원천소득을 국외원천소득으로 전환시킨 사례임과 동시에 Scholes et al.(2014)이 말한 바와 같이 모든 당사자(all parties) 관점에서 당사자 간 조세차익을 배분한 사례이다. 또한 이자율 스왑이라는 파생상품을 적극적으로 활용한 조세전략의 사례로서 가치가 있다. STARS 거래가 발생한 후 미국과 영국 정부는 STARS 사례를 통한 조세회피 및 유사한 사례의 재발을 방지하기 위해 적극적으로 대응하였다. 조세법 측면에서 이러한 양국 정부의 대응과정을 보면 우리나라도 증가하는 국제간 조세회피문제에 대응하기 위해서 실질과세 원칙을 보다 적극적으로 적용해야 하며 세법의 국제적 정합성을 높이기 위한 노력을 해야 한다는 시사점을 얻는다. 마지막으로 STARS 사례는 조세정책 측면에서도 시사점이 있다. STARS 사례는 외국납부세액공제제도의 구조적, 태생적 한계로 인해 조세회피 및 탈세의 유인이 증가함으로써 등장하게 된 국제조세전략으로 이해된다. 이와 같은 문제를 해결하기 위한 근본적인 해결방안으로서, 외국납부세액공제제도보다 정보 비대칭의 발생 가능성이 낮고, 조세회피의 규제가 비교적 용이한 지역과세방식으로의 전환을 검토해볼 필요가 있다. This study examines a transaction known as Structured Trust Advantaged Repacked Securities(“STARS”) conducted between BNY and Barclays in 2001. The STARS transaction is a type of tax avoidance scheme referred to as “Foreign Tax Credit Generators”. Foreign Tax Credit Generators are transactions designed to claim foreign tax credits even when there was no double-taxation. The STARS transaction conducted between BNY and Barclays consisted of two parts: creating a STARS structure and carrying out of STARS loan. BNY, a US-based bank, had income producing assets. Net income generated from the income producing assets shall be subject to tax at a rate of 35% in the US. However, BNY converted this US source income into foreign source income by creating a STAR structure. BNY formed a Delaware trust and funded the trust with the income producing assets. BNY then established a wholly owned subsidiary in the UK and appointed it as a trustee of the trust. The trustee was a UK resident for UK tax purposes. The trust income of the trustee was treated as UK income under the US-UK income tax treaty. As such, this trust income was treated as foreign source income of BNY for US income tax purposes. By converting US source income into foreign source income, BNY could claim a foreign tax credit in the US for taxes paid by the trustee in the UK. Barclays, a UK-based bank, entered into a series of complex arrangements with BNY. Barclays entered into sale and resale arrangements of the trust unit, a zero coupon swap arrangement and a guaranty and security arrangement with BNY. The net economic effect of these arrangements was to create a secured loan to BNY from Barclays. However, Barclays was liable for taxes on the trust income in the UK as a trust unit holder according to the legal structure of the arrangements. The STARS allowed BNY to claim foreign tax credits for taxes paid by its UK subsidiary, the trustee. Meanwhile, Barclays was able to get a tax refund for taxes paid by the trustee. Barclays shared some of the tax benefits indirectly with BNY by entering into the zero coupon swap agreement with BNY. In conclusion, the STARS transaction resulted in the decrease of tax revenues of the US government by the amount of foreign tax credit claimed by BNY and sharing of the relevant tax benefits between BNY, Barclays, and the UK governments. The Internal Revenue Service disallowed the foreign tax credits claimed by BNY and reclassified the income earned on the income producing assets as US source income. BNY challenged the IRS in the Tax Court. The IRS argued that the STARS transaction lacked economic substance. BNY, in contrast, contended that the STARS transaction had economic substance because BNY entered into the transaction to obtain low-cost funding for its banking business and that it reasonably expected to earn a pretax profit from the transaction. In 2013, The Tax Court held that BNY was not entitled to the tax benefits generated by the STARS transaction because the transaction lacked economic substance. The STARS transaction has implications from various perspectives. From the tax strategic perspective, the STARS transaction is a tax planning exploiting mismatches between tax rules and treatments in different jurisdictions. It is noteworthy that this scheme converted US source income into foreign source income, considered the tax implications for all the parties involved in the transaction as mentioned in Scholes et al.(2014), and exploited derivatives, the zero coupon swap, when designing the structure. From the legal perspective, the STARS transaction has implications regarding the application of the economic substance doctrine. After the STARS transaction became a controversial issue, the US and UK governments actively encountered the STARS transaction and other possible arrangements substantially similar to the STARS. The way both governments encountered tax avoidance schemes suggests the Korean government the need for broader application of the economic substance doctrine as well as the increased consistency of tax rules with different jurisdictions. Lastly, the STARS transaction has implications from the political perspective. Foreign tax credit generator scheme including the STARS transaction started to arise due to the structural and inherent deficiency of the foreign tax credit system. In order to restrict tax avoidance and evasion exploiting foreign tax credits, it is suggested to adopt territorial tax system which may reduce asymmetric information problem. It is forecasted that territorial tax system may also facilitate the restrictions of artificial arrangements designed for tax avoidance and thus reduce tax compliance and administration costs.

소득세법상 상장법인 대주주 요건의 개정이 주식시장에 미치는 영향 : 코스닥 상장기업을 중심으로

유지선 ( Jiseon Yoo ),한선아 ( Sun-a Han ) 한국회계학회 2017 회계저널 Vol.26 No.4

본 연구는 소득세법상 대주주 요건 개정이 주식시장에 미친 영향을 분석하였다. 정부는 지난 2015년 소득세법상 상장법인 대주주 요건을 강화하는 세법개정을 통해 상장주식 양도차익의 과세 범위를 확대하였다. 정부의 대주주 요건 개정이 국회 본회의를 통과한 2015년 12월에 주식시장은 큰 하락세를 보였다. 이를 두고 대주주 요건 개정으로 과세대상 대주주가 된 투자자들이 대주주 기준선 이하까지 주식을 대거 매도함에 따라 주가가 하락하였다는 보도가 이루어졌다. 그러나 법률 개정이 주식시장에 실제 영향을 미쳤는지 여부는 아직 실증적으로 확인되지 않았다. 본 연구는 여러 구분기준을 이용하여 코스닥 상장법인을 `대주주 요건 개정으로 양도소득세를 부담하게 된 한계투자자가 투자한 기업`과 `그 이외 기업`으로 구분한 후 양 기업집단의 주식수익률을 비교 분석하였다. 그 결과, 한계투자자가 투자한 기업집단이 2015년 12월에 더 낮은 주식수익률을 실현한 것으로 나타나 대주주 요건 개정이 주가하락의 한 원인이었음을 확인하였다. 대주주 요건 개정은 다양한 경로를 통해 주식시장에 영향을 미친다. 한계투자자의 주식 처분으로 매도물량이 증가하여 주가가 하락하고, 양도소득세를 반영한 낮은 가격에 주식을 취득하려는 주식매수자의 수요에 의해서도 주가는 하락한다. 반대로 한계투자자가 양도소득세를 반영한 높은 가격에 매도를 요구하게 되면 주가는 상승한다. Dai et al.(2008)와 같이 이러한 다양한 영향이 복합적으로 발생한 결과 최종적으로 주가하락이 관측된 것으로 해석된다. 본 연구는 여러 추가 분석을 통해 본 연구의 결과가 연말효과, 거시경제효과, 주주의 자본이득 실현 유인 등의 영향으로부터 강건함을 확인하였다. The Korean government expanded taxable capital gains of listed shares by lowering the threshold for majority shareholders under the income tax law in 2015. The stock market experienced decline in December 2015 when the tax reform including such amendment passed the Korean National Assembly. This study examines the effects of change in the capital gains tax thresholds for majority shareholders on capital market. The result of this study shows that stock prices decreased to a greater extent in a group of firms owned by marginal shareholders whose capital gains taxes increased as a result of change in the thresholds, compared to the other group of firms. This result indicates that the change in capital gains tax thresholds affected stock prices. The study suggests that the decrease in stock prices is partly resulted from marginal shareholders who sold their shares to escape from being taxable majority shareholders. In addition, stock price pressure is also caused by potential investors who demand lower prices for stocks on which they have to pay capital gains taxes in the future. Certain marginal shareholders may require higher prices by considering capital taxes to be imposed in the future. According to Dai et al.(2008), the decrease in stock prices in December 2015 is the result observed after offsetting these two opposite forces.

Outermembrane Protein W (OmpW) in Salmonella typhimurium Is Expressed by Fur - Independant Mechanism Under High Iron Condition13

Jiseon Yang,Young Hee Kim,Sam Woong Kim,Ah Young Yoo,Ho Young Kang 한국생명과학회 2004 한국생명과학회 심포지움 Vol.43 No.-

열처리 조건이 시금치의 이화학적 특성 및 영양 조성에 미치는 효과

이지선, 황인국, 유선미, 민상기, 김광일, 조연지, 최미정 忠北大學校 農業科學硏究所 2015 農業科學硏究 Vol.31 No.1

This study investigated the effect of thermal treatment (blanching) conditions on the physicochemical and nutritional properties of spinach. For thermal treatments, fresh spinach was treated by three blanching methods including boiled water, steam and pan frying treatments. At the varying time intervals of treatments, pH, color, shear force, proximate composition, organic acid content, peroxidase activity and microbial counts were evaluated. The pH of all treatments tended to increase with increasing blanching time, however, no significant differences among treatments were obtained. The shear force of spinach decreased with blanching time, particularly hot water treatment showed the rapid decrease in the shear force of spinach. The lightness of spinach showed similar pattern with shear force. For proximate compositions, the highest moisture content was found in hot water treatment, while crude protein and ash were highest in steam treatment. Due to the usage oil, pan frying treatment involved in the highest lipid content. The organic acid content treatment was in the order of hot water, pan frying and steam treatment. The thermal treatments attributed to low total plate count of spinach. In addition, thermophilic bacteria, coliform, mold and yeast were not detected in all thermal treatments. Peroxidase activity was lowered by applied thermal treatments. Based on the results, the best blanching condition for spinach was found in steam treatment for 60 s where the spinach showed the minimal changes in physicochemical and nutritional properties of spinach.

Silver-PDT Effect on Co-Evaporated CIGS IGS(Cu(In,Ga)Se₂) Thin Film Solar Cells

Jiseon Hwang,Yunae Cho,Jae Ho Yun,Young-Joo Eo,Jihye Gwak,Ara Cho,Joo Hyung Park,Se Jin Ahn,Jin Su Yoo,Seung Kyu Ahn,Jun Sik Cho,Kihwan Kim,Kyuseung Han 한국신재생에너지학회 2019 AFORE Vol.2019 No.11

The solution for next generation - competitive deNOx performance on corrugated substrate in heavy duty diesel

JiSeon Hyung(형지선),JongPyo Yoo,Magnus Lewander 한국자동차공학회 2021 한국자동차공학회 학술대회 및 전시회 Vol.2021 No.11

The Optimization of the Number and Positions of Foot Pressure Sensors to Develop Smart Shoes

Sihyun Yoo,Hojong Gil,Jongbin Kim,Jiseon Ryu,Sukhoon Yoon,Sang Kyoon Park 대한인간공학회 2017 大韓人間工學會誌 Vol.36 No.5

Objective: The purpose of this study was to optimize the number and positions of foot pressure sensors using the reliability analysis of the center of pressure (COP) in smart shoes. Background: Foot pressure can be different according to foot region, and it is important which region of the foot pressure needs to be measured. Method: Thirty adults (age: 20.5±1.8 years, body weight: 71.4±6.5kg, height: 1.76±0.04m) participated in this study. The foot pressure data were collected using the insole of Pedar-X system (Novel GmbH, USA) with a sampling frequency of 100Hz during 1.3m/s speed walking on the treadmill (Instrumented treadmill, Bertec, USA). The intraclass correlation coefficients (ICC) were calculated between the COP positions using 4, 5, 6, 7, 8, and 99 sensors, while one-way repeated measure ANOVA was performed between the standard deviation (SD) of the COP positions. Results: The medio-lateral (M/L) COP position using 99 sensors was positively correlated with the M/L COP positions using 6, 7, and 8 sensors; however, it was not correlated with the M/L COP positions using 4 and 5 sensors during landing phase (1~4%) (p <.05). The antero-posterior (A/P) COP position using 99 sensors was positively correlated with the A/P COP positions using 4, 5, 6, 7, and 8 sensors (p <.05). The SD of the COP position using 99 sensors was smaller than the SD of the M/L COP positions using 4, 5, 6, 7, and 8 sensors (p <.05). Conclusion: Based on our findings, it is desirable to arrange at least 6 sensors in smart shoes. Application: The study of optimizing the number and positions of foot pressure sensors would contribute to developing more effective smart shoes using foot pressure technology.