Lockheed Aircraft Corp. v. County of Los Angeles

This is an appeal from a judgment awarding to plaintiff $272,053.61 plus interest as a refund of personal property taxes for the year 1954. The contested tax was based upon the value which the county assessor placed upon the plaintiff’s work-in-process inventory.

The evidentiary facts are not in dispute. On the assessment date, March 1, 1954, plaintiff was engaging in the business of manufacturing the series of commercial airplanes known as Constellations. As of that date 279 planes had been delivered and 99 were on hand partially complete. Plaintiff used what was called the "constant cost” or…