Harsco Corp. v. Tracy

The question in this case is whether Borden controls Harsco’s tax situation, that is, whether the term “capital gain” as used in R.C. 5733.051(C) and (D) includes recaptured depreciation income attributable to the sale of Ohio *384assets. We find that Borden controls the outcome of this case, and we decline to reconsider the Borden analysis in light of years of taxpayers’ reliance on it.

I

Harsco sets forth two contentions. First it argues that the $4.4 million in recaptured depreciation income should be allocated to Ohio based on the percentage of depreciation previously taken in Ohio, not the…