Gesler v. City of Worthington Income Tax Board of Appeals

{¶ 1} James L. and Angeline O. Gesler appeal from a decision of the Board of Tax Appeals affirming the denial of their request for a refund from the city of Worthington in connection with municipal income tax they paid on stock-option income earned in 2005, 2006, and 2007, as reported on Form 1040, Schedule C of their federal income tax return.

{¶ 2} Specifically at issue in this case is the application of former Worthington Codified Ordinance 1701.15, which defined net profit for purposes of the city’s income tax for a taxpayer who is an individual as “the individual’s profit, other than…