Car Collector Loses Bid for Resale Exemption to Ohio Use Tax

An Ohio businessman failed to convince a state tax tribunal he was wrongly charged over $1 million in use taxes plus interest and penalties on 17 collectible cars he intended to resell.

In 2010 and 2011, the U.S. Savings Bank executive Harry G. Yeaggy—through his companies The Auto Place LLC, The Auto Museum LLC, and The Beck Group of Oregon Inc.—bought the cars, which include a 1964 Aston Martin DB5, a 1968 Ford GT40, and a 1966 427 Cobra Daytona. Yeaggy argued the purchases were exempt from taxation because he intended to resell them.

The Ohio Board of ...