Client Alert: Supreme Court of Ohio Reverses Ohio Board of Tax Appeals Decision Regarding Use of the Retail Method of Accounting When Valuing Inventory
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.”
Click on the link below to download the Client Alert which discusses this decision.