National City Bank of Cleveland v. Porterfield, 68-98
| Decision Date | 17 July 1968 |
| Docket Number | No. 68-98,68-98 |
| Citation | 15 Ohio St.2d 235,239 N.E.2d 61 |
| Parties | , 44 O.O.2d 202 The NATIONAL CITY BANK OF CLEVELAND, Appellant, v. PORTERFIELD, Tax Commr., Appellee, et al. |
| Court | Ohio Supreme Court |
Syllabus by the Court
Shares of stock in Ohio financial institutions owned by foreign or domestic insurance companies, or by resident or non-resident dealers in intangibles, are not subject to the intangible personal property tax provided for in Section 5725.04, Revised Code. (Paragraph one of the syllabus in National City Bank of Cleveland v. Bowers, 172 Ohio St. 378, 176 N.E.2d 227 overruled.)
Squire, Sanders & Dempsey, Rufus S. Day, Jr., Robert A. Johnson and Theodore W. Jones, Cleveland, for appellant.
William B. Saxbe, Atty. Gen., and Jon A. Ziegler, Columbus, for appellee.
In filing its financial institution return of taxable property for the year 1964, appellant excluded from the book value of its taxable shares the value of shares held by foreign insurance companies, domestic insurance companies and all dealers in intangibles. (Sections 5725.25 and 5725.26, Revised Code.) Upon audit, an increased assessment was issued by the Tax Commissioner to include the value of all such shares. Upon appellant's application for review and redetermination, the Tax Commissioner affirmed the assessment on the authority of National City Bank of Cleveland v. Bowers, 172 Ohio St. 378, 176 N.E.2d 227. The Board of Tax Appeals affirmed the order of the Tax Commissioner.
Paragraph one of the syllabus in National City Bank of Cleveland v. Bowers, supra, is overruled, and the decision of the Board of Tax Appeals herein is reversed for the reasons stated in the dissenting opinion of Taft, C. J., in that case.
Decision reversed.
To continue reading
Request your trial
-
Household Finance Corp. v. Porterfield
...dissent, that proposition was adopted by a unanimous court. The second National City Bank case (National City Bank of Cleveland v. Porterfield (1968), 15 Ohio St.2d 235, 239 N.E.2d 61), overruled the first National City Bank case, but only upon the basis of Judge Taft's dissent This leads u......