Rev. Rul. 57-616

Effective for 1957 and subsequent years, taxes imposed by the State of Ohio on personal property and credits used in business accrue annually, for Federal income tax purposes, as of the close of business of the last day of December, the date on which such personal property and credits are required to be listed for taxation. See Section 5711.03 of the Revised Code of Ohio, 1953, as amended by H. 311, Laws of Ohio, 1957, effective August 15, 1957. I. T. 2632, C. B. XI-2, 74 (1932), which holds, in part, that personal property taxes should, in general, be accrued as of the first day of January, is modified accordingly with respect to 1957 and subsequent years. Further, as a result of the change in accrual date of such Ohio personal property taxes, a taxpayer employing an accrual method of accounting and on a calendar-year basis will have two accrual dates of such taxes for 1957, provided he was in business for the entire taxable year. Compare Revenue Ruling 55-152, C. B. 1955-1, 67, relating to the accrual of real property taxes imposed by the State of Ohio where the accrual date of such taxes was changed by State law.