Valuation of securities of companies limited by shares other than exchange listed, OTC listed, or emerging company, unless under circumstances as described in the second Paragraph of the preceding Article, shall be based upon the net worth of the company’s assets on the date of inheritance or gift subject to the following adjustments:
1. If the assets of the company consist of land or house with its book value lower than the announced present value of the land or the standard price of the house, the announced present value of the land or standard price of the house shall be based for valuation.
2. For the exchange listed, OTC listed securities, or emerging company securities, the value shall be estimated according to Article 28.
In case that the company defined in the preceding paragraph has stopped operation by its own will, gone out of business, moved to another place without applying for new registration, or has other concrete proof that the value of its stock has been reduced or is valueless, such facts shall be verified. 
For valuation of the capital invested in companies other than companies limited by shares, the provisions under the preceding two (2) paragraphs shall apply mutatis mutandis.