SOCIETY v. PECK

No. 33523.

161 Ohio St. 122 (1954)

SOCIETY FOR SAVINGS IN THE CITY OF CLEVELAND, APPELLEE, v. PECK, TAX COMMR., APPELLANT.

Supreme Court of Ohio.

Decided March 10, 1954.


Attorney(s) appearing for the Case

Messrs. Thompson, Hine & Flory, Mr. Jerome C. Fisher and Mr. Edgar P. Stocker, for appellee.

Mr. C. William O'Neill, attorney general, and Mr. Joseph S. Gill, for appellant.


TAFT, J.

The question to be decided is whether, in ascertaining and assessing "the value of the property representing the capital employed by [an incorporated] financial institution, not divided into shares," pursuant to Section 5412, General Code, the Tax Commissioner must eliminate federal securities owned by such institution in computing "the aggregate amount of the capital, the surplus or reserve fund and the undivided profits" of such institution.

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