Tax Rules: Final: 5703-3
5703-3-16 - Computation and
assessment of average value of inventories
The value of an inventory required to be listed on the
average basis by a taxpayer in the course of his business
shall be determined as provided by Revised Code 5711.15 and
5711.16, by considering the number of months of the year
ending on the day such property is required to be listed for
taxation that such taxpayer has been engaged in business in
Ohio either as a merchant or manufacturer, respectively.
When a taxpayer has, during a given calendar year, removed
from Ohio either all merchandising or all manufacturing
inventory, required to be listed on an average basis, with
the intent and purpose to no longer store, keep or traffic in
business in Ohio as a merchant or manufacturer, such
inventory is not to be listed and assessed as of the close of
business on the last day of December of such year.
Effective: 11-18-57 as TX-41-15
Promulgated under: 5703.14