Effective: December 30, 1972
Latest Legislation: House Bill 1080 - 109th General Assembly
If a taxpayer so elects, he may, under uniform regulations prescribed by the tax commissioner, in lieu of listing his investments yielding income as prescribed in sections 5711.01 to 5711.36, inclusive, of the Revised Code, file with his return a verified summary of his federal income tax return for the last preceding taxable year, if such taxable year was a full year of twelve months, itemized and analyzed in such manner as the commissioner may by such regulations prescribe, together with a statement as to the aggregate amount of income received by him during such taxable year derived from investments taxable under such sections, the income from which is not required to be reported for federal income tax purposes. For purposes of this section, income does not include distributions by an investment company of a gain it realizes on the sale of real property or investments. In such case the aggregate amount of income of the taxpayer from investments of the classes taxable under such sections may be included in the taxpayer's return without specification as to the sources thereof, and shall be taken as the assessment of his investments yielding income, in lieu of the assessment thereof as otherwise prescribed, unless the commissioner finds that such federal income tax return or summary thereof has been improperly made out, in which event the commissioner shall assess such investments on the basis on which the income therefrom should have been reported for federal income purposes, and set forth on the summary thereof, or on the basis on which such investments would be required to be listed and assessed under such sections if the election authorized by this section were not made. If a taxpayer making the election provided in this section is required under section 5711.22 of the Revised Code to list as unproductive investments shares which were not outstanding for the full calendar year next preceding the listing date, he shall deduct from the aggregate amount of his income from investments any income received by him during such calendar year on such shares and on any investments exchanged for or converted to such shares. The commissioner may require that with every return listing investments, the taxpayer shall file a copy of his federal income tax return for the next preceding taxable year, or portions thereof, showing income received by him from investments of the classes taxable under such sections during such year either directly or through fiduciaries. No document authorized or required by this section to be filed with returns of taxable property shall be deemed a public document or record, but shall be a confidential document for the use of the department of taxation only in assessing taxable property; and to that end all such documents filed by a taxpayer shall be enclosed in a sealed envelope or other sealed package addressed to the commissioner which shall not be opened by any person other than the commissioner or his authorized agent, assistant, or employee. The county auditor shall on demand furnish such envelopes or packages of dimensions prescribed by the commissioner.
The commissioner may adopt regulations to govern the use of the basis of listing authorized by this section, but a taxpayer who, after January 1, 1960, avails himself of the option authorized by this section shall thereafter use that basis for a period of not less than three years in listing his investments yielding income. Thereafter, for good cause shown, the commissioner may authorize the substitution of the basis otherwise prescribed by sections 5711.01 to 5711.36, inclusive, of the Revised Code.
Structure Ohio Revised Code
Chapter 5711 | Listing Personal Property
Section 5711.01 | Listing Personal Property Definitions.
Section 5711.02 | Annual Returns - Supplying of Blanks.
Section 5711.03 | Listing of Taxable Property.
Section 5711.04 | Time for Making Returns.
Section 5711.05 | Returns of Taxable Property - Fiduciary Returns.
Section 5711.06 | Listing of Transferred Investments.
Section 5711.07 | Proper Taxing District for Listing Property.
Section 5711.09 | Powers and Duties of Tax Commissioner - Contents of Return.
Section 5711.10 | Option to File Verified Federal Income Tax Return.
Section 5711.131 | County Supplemental Return.
Section 5711.14 | Consolidated Returns for Corporations - Joint Returns for Husband and Wife.
Section 5711.15 | Valuation of Merchandise Offered for Sale.
Section 5711.16 | Listing of Personal Property by Manufacturer - Average Value of Articles.
Section 5711.17 | Separate Listing of Property by Manufacturer.
Section 5711.18 | Valuation of Accounts and Personal Property - Procedure - Income Yield.
Section 5711.19 | Determination of Trust Income - Cash Distribution.
Section 5711.21 | Rules Governing Assessments.
Section 5711.22 | Listing and Rates of Personal Property Tax.
Section 5711.221 | Report of Investment Income.
Section 5711.23 | Reclassified Property Assessable.
Section 5711.24 | Power of Tax Commissioner to Assess Taxable Property - Assessment Certificate.
Section 5711.25 | Procedure in Dealing With Assessment Certificates - Final Certificates.
Section 5711.26 | Commissioner May Make Certain Final Assessments.
Section 5711.30 | Penalty Assessment for Declaring a Nominal Dividend or to Evade Taxes.
Section 5711.31 | Notice of Assessment - Petition for Reassessment - Final Determination.
Section 5711.32 | Correction of Records and Tax Lists.
Section 5711.33 | Tax Bills Issued for Deficiency Assessment.
Section 5711.34 | List of Investment Holders in Corporations to Be Filed With Tax Commissioner.
Section 5711.341 | List of Investors in Money Market Investment to Be Filed With Tax Commissioner.
Section 5711.35 | Resident Deputy County Treasurer.
Section 5711.36 | Filing and Preservation of Returns and Assessment Certificates.