Tax Rules: Final: 5703-3
5703-3-17 - "Average inventory value
of merchandise" of taxpayer using "retail inventory method of
accounting"
The true "average inventory value of merchandise" to be
estimated for taxation shall prima facie be the "average
inventory value" at cost as disclosed by the books of the
taxpayer, after making proper adjustments for cash discounts
and merchandise shrinkage, less the aggregate net markdowns,
at cost, (taking into consideration markdown cancellations
and additional mark-ups at cost) which are reflected on the
books of the taxpayer for the succeeding three months
following the close of the annual accounting period of the
current tax year.
Any taxpayer using the "retail inventory method of
accounting", who has cause to file a true value claim with
his Personal Property Tax return as authorized by Revised
Code 5711.18, should request an extension of time for filing
as provided by Revised Code 5711.04, in order that such claim
and return when filed will be in conformity with the
foregoing.
Effective: 11-18-57 as TX-41-16
Promulgated under: 5703.14