Youngstown Sheet & Tube Co. v. Kosydar

The appellant Tax Commissioner urges reversal of the Board of Tax Appeals’ decision on the ground that the board erred as a matter of law in applying the standard of "generally accepted accounting principles” instead of the standard of “true value.” Appellant maintains that R. C. 5711.16 and 5711.18 require the inclusion of depreciation in factory overhead when computing the value of a manufacturer’s inventory for purposes of the Ohio personal property tax. The Tax Commissioner maintains further that his method of computing the “true value” of the inventory in question is in conformity with…