Federated Department Stores, Inc. v. Wilkins

{¶ 1} At issue in this case is whether appellee, Federated Department Stores (“Federated”), was correct in reporting a negative net worth on its 1993 Ohio corporation franchise tax report. We find that the record supports the determination by the Board of Tax Appeals that it was, and thus we affirm that decision.

{¶ 2} Federated filed for bankruptcy protection in 1990. As Federated prepared to emerge from bankruptcy, it filed its 1993 Ohio corporate franchise tax report indicating that the company’s taxable net worth in Ohio on February 1, 1992, was negative $334,536,641. In that same report,…