• The Supreme Court of Ohio Reverses Ohio Board of Tax Appeals Decision Regarding Use of the Retail Method of Accounting When Valuing Inventory
  • April 21, 2010 | Authors: Anthony L. Ehler; Steven L. Smiseck
  • Law Firm: Vorys, Sater, Seymour and Pease LLP - Columbus Office
  • On March 18, 2010, the Supreme Court of Ohio issued a decision styled Rich’s Dept. Stores, Inc. v. Levin, Slip Opinion No. 2010-Ohio-957, which addressed the valuation of inventory for personal property tax purposes. In its 4-3 decision, the Court reversed the Ohio Board of Tax Appeals determination that the value assigned to merchandise held in inventory by a retailer should be reduced based upon “vendor markdown allowances.” See Rich’s Dept. Stores, Inc. v. Wilkins (Feb. 3, 2009), BTA No. 2005-T-1609, unreported.