Island Properties Co. v. Secretary of the Treasury

Mr. Justice Pérez Pimentel

delivered the opinion of the Court.

The Tecon Corporation is a corporation organized under the laws of the State of Delaware and on June 22, 1952, was authorized to do business in Puerto Rico. Said corporation was awarded the bid for the construction of landing and taking of strips for airplanes, parking areas, enlargement and improvement of runways and work relating to them, at the Ramey Air Force Base in Aguadilla. It had to accomplish said job within a year and for this purpose, it needed some 200,000 tons of “asphalt mix”, which required approximately 2,000,000…