Rick Case Motors, Inc. v. Tracy

R.C. 5711.03 requires taxpayers to list all taxable property as of the first day of January annually, and R.C. 5711.101 permits a fiscal year taxpayer to list taxable property as of the close of business at the end of his fiscal year. R.C. 5711.15 describes how a merchant should value his inventory:

“A merchant in estimating the value of the personal property held for sale in the course of his business shall take as the criterion the average value of such property, as provided in this section of the Revised Code, which he has had in his possession or under his control during the year ending on…