Research on the theory of taxation of air rights transactions and measures to prevent tax avoidance using air rights transactions

2021 Fiscal Year Final Research Report

• Project/Area Number: 17K03365
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Public law
• Research Institution: Chuo University (2018-2021); Takushoku University (2017)
• Principal Investigator: Abe Yukiko 中央大学, 商学部, 教授 (50299814)
• Project Period (FY): 2017-04-01 – 2022-03-31
• Keywords: 空中権 / 開発権（TDR） / 余剰容積率 / 法的性質 / 課税繰延べ / 経済的価値 / 都市再生 / 隔地貢献

Outline of Final Research Achievements

In order to provide a basic framework for taxation theory of air rights transactions, which has not been clarified in the field of tax law in Japan, this research examines the legal nature of development rights (TDRs) in the United States, which is leading the way, and surplus floor area ratio in Japan, from a common perspective. This research clarified that TDRs in the U.S. are property rights and are the like kind of property as real estate, and that exchanges with real estate that meet certain requirements constitute exchanges of like kind property for which non-recognition is allowed under Section 1031 of the Internal Revenue Code.
This research also provided useful insight into the question of whether or not air rights have economic value at the time of creation and retention: on the one hand, the transferor must consider depreciation based on the special floor-area ratio limitation, and on the other hand, the buyer must consider the economic value of the air rights.

Free Research Field

租税法　国際課税

Academic Significance and Societal Importance of the Research Achievements

これまで理論的研究が不足し、解決が迫られてきた空中権の法的性質を明確にするとともに空中権の設定、保有時におけるその経済的価値を考慮する必要があることを解明したことは空中権取引の課税関係を考察する上で重要な意義がある。都市再生の見地から緑地の保全、木造住宅密集地域の解消等に資する取組を域外貢献として容積率を緩和する方針は空中権取引を促進する上で重要な意味があるが、他方でそれを正当化するためには、都市計画の手続きとしての住民参加と専門家の審査が不可欠であること、また同時に都市計画決定権者の都市再生の目的に沿った形で空中権取引を管理する必要があることを明示したことは社会的にも重要な意義がある。