County Bulletin
TO: ALL COUNTY AUDITORS BULLETIN NO. 229
DATE: August 12, 1970
FROM: G. W. Porterfield, Tax Commissioner
RE: Personal property tax returns of coin and stamp dealers
Those individuals or organizations engaged in the business of
buying and selling coins and related merchandise, and/or
stamps and related merchandise, are subject to the Ohio
personal property tax on the inventory, furniture and
fixtures, and any other taxable property used in the
business.
For Ohio tax purposes coins and paper money representing the
stock in trade of a coin dealer constitute tangible personal
property, the value of which is the market value and not the
face value of such money, Losana Corporation v.
Porterfield,
14 Ohio St 2d 42. Therefore, in the 1971 and subsequent
personal property tax returns filed by coin dealers, coins,
paper money and other inventory items are to be listed in
Schedule 3A of the return, on the average monthly book value
basis.
Likewise, the stamps and other inventory items representing
the stock in trade of a stamp dealer are to be listed in
Schedule 3A of the return, on the average monthly book value
basis.