In re Assessment of Taxes, Hawaiian Commercial & Sugar Co.

OPINION OF THE COURT BY

FREAR, C.J.

This is a motion for a rehearing in the case decided February 19, 1903, (ante, 601). The question was whether, in computing the income of the corporation for the purposes of the income tax, the value of an old mill and railroad should be deducted, they having been replaced by a new mill and road.

The several grounds chiefly relied on now are closely related, and are to the effect that although the appellant relied in its return and before the tax appeal court on the provision of the statute which allows a deduction for “losses otherwise actually incurred,” it…