Fulton v. Lindley

• Court: Ohio Supreme Court
• Writing for the Court: PER CURIAM; CELEBREZZE
• Citation: Fulton v. Lindley, 57 Ohio St.2d 10, 385 N.E.2d 293 (Ohio 1979)
• Decision Date: 07 February 1979
• Docket Number: No. 78-855,78-855
• Parties: , 11 O.O.3d 72 FULTON, Appellant, v. LINDLEY, Tax Commr., Appellee.

Page 10

57 Ohio St.2d 10

385 N.E.2d 293, 11 O.O.3d 72

FULTON, Appellant, v. LINDLEY, Tax Commr., Appellee.

No. 78-855.

Supreme Court of Ohio.

Feb. 7, 1979.

The Ohio personal income tax levied in R. C. Chapter 5747 became effective January 1, 1972. In May 1972, appellant, W. Yost Fulton, received $517,590 as the final payment from a sale of stock which was made in October 1971. Having previously elected to treat the transaction as an installment sale under Section 453, Title 26, U.S.Code, appellant reported the capital gain from the 1972 payment on his federal income tax return for that year. However, he deducted that gain from his Ohio income tax return. Appellee, Tax Commissioner of Ohio, denied this deduction and assessed appellant an additional state income tax for 1972.

The taxpayer appeals from the Board of Tax Appeals' affirmance of appellee's assessment, alleging retroactive application of R. C. Chapter 5747.

Schneider, Smeltz, Huston & Bissell and Phillip A. Ranney, Cleveland, for appellant.

William J. Brown, Atty. Gen., and John C. Duffy, Jr., Columbus, for appellee.

PER CURIAM.

The decision of the Board of Tax Appeals is affirmed on authority of, and for the reasons stated in, Dery v. Lindley (1979), 57 Ohio St.2d 5, 385 N.E.2d 291 decided this date.

Decision affirmed.

CELEBREZZE, C. J., and HERBERT, WILLIAM B. BROWN, PAUL W. BROWN, SWEENEY, L...