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TELE-MEDIA CO. v. LINDLEY

Nos. 81-1411 and 81-1412.

70 Ohio St. 2d 284 (1982)

TELE-MEDIA CO. OF ADDIL, APPELLEE, v. LINDLEY, TAX COMMR., APPELLANT. TELE-MEDIA CO. OF LAKE ERIE, APPELLEE, v. LINDLEY, TAX COMMR., APPELLANT.

Supreme Court of Ohio.

Decided June 30, 1982.

Attorney(s) appearing for the Case

Messrs. Buchanan, Ingersoll, Rodewald, Kyle & Buerger, Mr. John R. Previs, Messrs. Vorys, Sater, Seymour & Pease, Mr. Robert E. Leach and Mr. Kenneth D. Beck, for appellees.

Mr. William J. Brown, attorney general, and Ms. Barbara E. Vest, for appellant.

CELEBREZZE, C. J.

The first question addressed is: Does the taxpayer's book value based upon the purchase price as allocated or the seller's depreciated book value2 more accurately reflect the true value in money of the tangible personal property acquired?

The taxpayers contend that the seller's lower depreciated book value is the more accurate indication of true value. They claim that the allocation of the gross purchase price...

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