Pure Oil Co. v. Peck

Appellant contends that the Ohio intangible tax on deposits is determined by the taxable status of the person having the beneficial interest therein, rather than the taxable status of the person having the right of withdrawal. Appellant claims further that the deposits in question were held by it in a fiduciary capacity only; that it had no beneficial interest therein; but that, on the other hand, they belonged to persons and governmental authorities and, therefore, were not subject to taxation.

The sole question presented is whether general deposits in out-of-state banks, withdrawable as such…