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KeyCORP v. TRACY

No. 98-1608.

87 Ohio St.3d 238 (1999)

KEYCORP, SUCCESSOR IN INTEREST TO SOCIETY CORPORATION [AND TRUSTCORP, INC.], APPELLANT, v. TRACY, TAX COMMISSIONER, APPELLEE.

Supreme Court of Ohio.

Decided December 1, 1999.

Attorney(s) appearing for the Case

Baker & Hostetler L.L.P., Edward J. Bernert, George H. Boerger and Christopher J. Swift, for appellant.

Betty D. Montgomery, Attorney General of Ohio, and Richard C. Farrin, Assistant Attorney General, for appellee.

Vorys, Sater, Seymour & Pease L.L.P., Raymond D. Anderson and Scott J. Ziance; and Jeffrey D. Quayle, urging reversal for amicus curiae, Ohio Bankers Association.

FRANCIS E. SWEENEY, SR., J.

At issue is whether Society's placement of its excess cash in repurchase agreements, Eurodollar deposits, and cash deposits2 with SNB creates the types of investments in indebtedness that are excluded by R.C. 5733.05(A)(5)(c) from the value of the issued and outstanding shares of Society's stock at issue. We answer this issue in the negative, finding that the transactions in question do not constitute investments...

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