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ALCAN ALUMINUM CORP. v. LIMBACH

No. 87-2178.

42 Ohio St. 3d 121 (1989)

ALCAN ALUMINUM CORPORATION, APPELLEE, v. LIMBACH, TAX COMMR., APPELLANT.

Supreme Court of Ohio.

Decided May 3, 1989.

Attorney(s) appearing for the Case

Jones, Day, Reavis & Pogue, Roger F. Day and Nancy Truitt Blosser, for appellee.

Anthony J. Celebrezze, Jr., attorney general, Mark A. Engel and James C. Sauer, for appellant.

Per Curiam.

Under the franchise tax, the net income of a corporation is allocated or apportioned to Ohio under R.C. 5733.05 and 5733.051. During the audit year, R.C. 5733.051(A)(5) and (6) (now R.C. 5733.051[E] and [F]) provided that capital gains realized from the sale of shares of stock were to be allocated in the same manner as dividends. These code provisions stated:

"Net income of a corporation subject to the tax imposed by this chapter shall be...

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