Opinion
No. 78-855
Decided February 7, 1979.
Taxation — Income tax — R.C. Chapter 5747 — Exlusions from adjusted gross income — Capital gain on installment sale — Tax not retroactively applied, when.
APPEAl from the Board of Tax Appeals.
The Ohio personal income tax levied in R.C. Chapter 5747 became effective January 1, 1972. In May 1972, appellant, W. Yost Fulton, received $517,590 as the final payment from a sale of stock which was made in October 1971. Having previously elected to treat the transaction as an installment sale under Section 453, Title 26, U.S. Code, appellant reported the capital gain from the 1972 payment on his federal income tax return for that year. However, he excluded that gain from his Ohio income tax return. Appellee, Tax Commissioner of Ohio, denied this exclusion and assessed appellant an additional state income tax for 1972.
The taxpayer appeals from the Board of Tax Appeals' affirmance of appellee's assessment, alleging retroactive application of R.C. Chapter 5747.
Messrs. Schneider, Smeltz, Huston Bissell and Mr. Phillip A. Ranney, for appellant.
Mr. William J. Brown, attorney general, and Mr. John C. Duffy, Jr., for appellee.
The decision of the Board of Tax Appeals is affirmed on authority of, and for the reasons stated in, Dery v. Lindley (1979), 57 Ohio St.2d 5, decided this date.
Decision affirmed.
CELEBREZZE, C.J., HERBERT, W. BROWN, P. BROWN, SWEENEY, LOCHER and HOLMES, JJ., concur.