In re Taxes, Henry May & Co.

OPINION OP THE COURT BY

GALBRAITH, J.

This appeal is by the taxpayer from the decision of the Tax Appeal Court of the First Taxation Division. The valuation of the property set out in the return was $100,860.83. This was increased by the assessor to $150,000.00 and the increase was sustained by the Tax Appeal Court-.

The taxpayer, Henry May & Ob., Ltd., is a corporation engaged in the grocery business at Honolulu. Its capital stock is divided into 1500 shares of the par value of $100 each. The Items of its property, as given in the return filed with the as*640sessor, are as follows: Leasehold of the…