In re Assessment of Taxes, H. F. Wichman & Co.
Hawaii Supreme Court
This is an appeal by the taxpayer from a valuation by a majority of the tax appeal court of $125,000, the minority finding a valuation of $97,297.45. The return was $82,552.22 and the assessment was $125,000. This concern was assessed as an enterprise for profit. It appears that it dealt in jewelry, optical goods, etc. Its capital stock is $125,000, all paid up. It made a net profit in 1903 of $22,762.27, a little over 18 per cent.
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This is an appeal by the taxpayer from a valuation by a majority of the tax appeal court of $125,000, the minority finding a valuation of $97,297.45. The return was $82,552.22 and the assessment was $125,000. This concern was assessed as an enterprise for profit. It appears that it dealt in jewelry, optical goods, etc. Its capital stock is $125,000, all paid up. It made a net profit in 1903 of $22,762.27, a little over 18 per cent. A witness for the taxpayer testified that a part of these profits It appears that prior to July, 1903, the business of II. F. Wichman & Co., Ltd., had been…
1Per curiam
The appellee’s case is within the provisions of section 820, C. L., since there are “several classes or kinds of personal property” which “are combined and made the basis of an enterprise for profit,” requiring the property to “be assessed as a whole on its fair and reasonable aggregate value.” The statute requires that “in estimating the aggregate value there shall be taken into consideration the net profits made by the same, also the gross receipts and actual running expenses.” Ib. It is also proper to take into consideration the chances of depreciation in value and that, as in this case,…
2Cases cited1 opinion
- Kanahele v. WakefieldHawaii Supreme Court · 1898
3Cited by3 opinions
- In re Assessment of Property Taxes Makee Sugar Co.Hawaii Supreme Court · 1909
- In re Taxes Hawi Mill & Plantation Co.Hawaii Supreme Court · 1915
- In Re Taxes Maui Agricultural Co.Hawaii Supreme Court · 1938