Ohio Supreme Court May 24, 1995, No. 94-175 (Vought Industries, Inc. v. Tracy)

lead-opinion

Cook, J.

In this case, we are presented with the issue of whether a corporation involved in Chapter 11 bankruptcy proceedings is equivalent to either having a receiver appointed for it or having been “adjudicated bankrupt,” so that it qualifies for exemption under R.C. 5733.06(E) and need pay only the minimum franchise tax.