Edwards Industries, Inc. v. Tracy

[This opinion has been published in Ohio Official Reports at 74 Ohio St.3d 643.] EDWARDS INDUSTRIES, INC., APPELLANT, v. TRACY, TAX COMMR., APPELLEE. [Cite as Edwards Industries, Inc. v. Tracy,

1996-Ohio-156.] Taxation—Franchise tax—Calculating net worth of corporation—R.C. 5733.05, applied. (No. 94-1568—Submitted January 9, 1996—Decided March 1, 1996.) APPEAL from the Board of Tax Appeals, No. 91-J-528. __________________ {¶ 1} On March 16, 1978, Edwards Industries , Inc., appellant, was incorporated. On March 17, 1978, the Edwards family, the sole shareholders of the J. T. Edwards Company…