15 Haw. 476 (Haw.Terr. 1904), In re Assessment of Taxes, Kash Co., Ltd.
|Citation:||15 Haw. 476|
|Opinion Judge:||PERRY, J.|
|Party Name:||IN RE ASSESSMENT OF TAXES, KASH COMPANY, LIMITED. IN RE ASSESSMENT OF TAXES, PACIFIC HARDWARE COMPANY, LIMITED.|
|Attorney:||Robertson & Wilder for the assessor. Smith & Lewis for the taxpayers.|
|Judge Panel:||GALBRAITH AND PERRY, JJ., AND CIRCUIT JUDGE DE BOLT IN PLACE OF FREAR, C.J., DISQUALIFIED.|
|Case Date:||March 12, 1904|
|Court:||Supreme Court of Hawai'i|
Submitted March 3, 1904.
APPEALS FROM TAX APPEAL COURT, HONOLULU.
Syllabus by the Court
The " full cash value" , within the meaning of the tax statute, of a stock of goods, wares and merchandise is not necessarily the value represented by the inventory and carried on the books of the owner for business purposes. It may be less, and it may also be more.
The " full cash value" , under the tax law, of a stock of goods, wares and merchandise, is what such goods would bring at a sale for cash (on the date of assessment), whether as a whole or in lots or separately, -by whatever of these methods the highest aggregate returns would be obtained, provided all the goods were sold on the same day.
The Kash Co., Ltd., a corporation owning and conducting a wholesale and retail (mainly retail) dry goods business, returned its stock of " goods, wares and merchandise" at $36043.74. The assessor ascertained that these goods were carried on the books of the owner at an inventoried value of $45054.67 and assessed them at the latter figure. The Tax Appeal Court sustained the return. The Pacific Hardware Co., Ltd., engaged in the hardware and general merchandise business, returned its stock of " goods wares and merchandise" at $270363.41, which was raised by the assessor to $318074.61, the inventory value. In this instance, also, the return was sustained by the Tax Court. The amounts returned were arrived at by deducting in the Kash Co. case 20% and in the other 15% from the valuation carried in the respective inventories. The contention of the assessor is that such stocks of goods cannot lawfully be returned for taxation purposes at less than the values placed by the owners in their inventories and these appeals were originally taken by the taxpayers to ascertain whether that contention is well founded in law.
Whether or not goods, wares and merchandise or other property can be returned at a valuation less than that placed thereon by the owners in...
To continue readingFREE SIGN UP