Gray Horse, Inc. v. Limbach

R.C. 5733.06 calculates the franchise tax on the net-worth and net-income bases and charges the corporation the higher amount. R.C. 5733.05(A) sets forth the value of the issued and outstanding shares of stock of a taxpayer under the net-worth basis as:

“The total value, as shown by the books of the company, of its capital, surplus, whether earned or unearned, undivided profits, and reserves * * (Emphasis added.)

In Natl. Tube Co. v. Peck, supra, paragraphs three, four, and five of the syllabus, we stated:

“3. The book value of an asset at any given time may be more or less than its value.…