SHV North America Corp. v. Tracy

We affirm the BTA’s decision.

R.C. 5733.05 establishes the value of a corporation’s stock for franchise tax purposes, as follows:

“(A) The total value, as shown by the books of the company, of its capital, surplus, whether earned or unearned, undivided profits, and reserves, but exclusive of:

U % * *

“(4) Good will, appreciation, and abandoned property as set up in the annual report of the corporation * * *.” (Emphasis added.)

The Tax Commissioner asserts that, in computing net worth under this statute, SHV’s exclusion for appreciation must be reduced by the “negative appreciation” of subsidiaries…