In re the Taxes of Carter

OPINION OP THE COURT BY

PETERS, C. J.

The taxpayer made a return as of January 1, 1923, of the property popularly known as the “Parker” ranch, the legal title to which was vested in Mm on that day as trustee, at a valuation of $2,136,437.24. The assessor assessed it at $2,550,000. The tax appeal court of the third taxation division upon appeal by the taxpayer sustained the return. The assessor appealed to this court.

No question was raised before the tax appeal court as to the items of property subject to assessment nor of the principles of law applicable thereto in determining their value for…