In re Assessment of Taxes, Gay

ORAL, OPINION.

The property consists of 800 acres of cane land, the crop of cane growing thereon, certain other lands and leaseholds, livestock, buildings, furniture, wagons and implements, at Waimea, Kauai. It was returned by the taxpayers, a partnership, as separate items at values aggregating $281,485, and assessed by the assessor as a whole as the basis of an enterprise for profit at $400,000, which assessment was sustained by the tax appeal court. The taxpayers appealed. Adjoining land owned by the appellants was leased to the Hawaiian Sugar Company, a corporation, at an annual rental of…