In re Assessment of Income Taxes, Honolulu Rapid Transit & Land Co.

ORAL OPINION.

The first of these cases relates to the income taxes for the latter half of the year 1905 of the Honolulu Rapid Transit and Land Company, which conducts an electric street railway in .Honolulu and whose franchise expires in 1928. The company returned its gross income for the half year at $169,296.82 and deductions at $180,822.67 leaving no net income for taxation. Among the deductions was an item of $40,925.43 under the head of “losses otherwise actually incurred” as having been written off at the end of the year for depreciation of property during the entire year due to climatic…