Tax Rules: Final: 5703-3
5703-3-27- Determining true value of
average inventory of a manufacturer for personal property tax
purposes
The average value of taxable inventory of a manufacturer,
required to be reported at its true value as provided by
Sections 5711.22 and 5711.18, Revised Code, must be
ascertained in accordance with Section 5711.16, Revised Code,
and this Rule. The monthly values used in determining the
average inventory must reflect the books and records of the
taxpayer, to the extent that such books and records reflect
the true value of the inventory.
In determining the true value as provided in Sections 5711.22
and 5711.18, Revised Code, the taxpayer must employ a method
that reflects full absorption of all direct and indirect
costs and expenses. All fixed, semi-variable and variable
costs and expenses incurred in the manufacture of such
inventory must be included in determining the true value
thereof.
Effective: 5-5-73 as TX-41-27
Promulgated under: 5703.14