Goodyear Tire & Rubber Co. v. Tracy

Goodyear posits as its sole proposition of law.that “[a]n intangible asset representing a retirement plan surplus is not includible in the numerator of the property fraction set forth in R.C. 5733.05(A) and used to apportion net worth.”

R.C. 5733.05(A) provides that the numerator of the property factor fraction is to be “the net book value of all the corporation’s property owned or used by it in this state.” Goodyear argues that, for purposes of determining this numerator in its 1987 return, the pension surplus was not property “owned or used” by it. It emphasizes that the trust assets were…