Eastern Machinery Co. v. Peck

The question chiefly presented is whether, for the purpose of determining the basis of taxation, *148the rebuilding of such machine tools constituted manufacturing or repairing. In each of the tax returns in question, Eastern listed all its machine tools on hand during the preceding fiscal years, which had not been rebuilt but were being held for that purpose, at 50 per cent of their true value. It claims that such listing was in accord with the provisions of subparagraph (2) of Section 5388, General Code, which authorizes a 50 per cent value listing “of all articles purchased, received or…