In re Assessment of Taxes of H. Hackfeld & Co.

Hawaii Supreme Court

In re Assessment of Taxes of H. Hackfeld & Co.

16 Haw. 559, 1905 Haw. LEXIS 77

DecidedMarch 27, 1905

StatusPublished

This text of 16 Haw. 559 (In re Assessment of Taxes of H. Hackfeld & Co.) is published on Counsel Stack Legal Research, covering Hawaii Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

In re Assessment of Taxes of H. Hackfeld & Co., 16 Haw. 559, 1905 Haw. LEXIS 77 (haw 1905).

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Opinion

Per curiam:

The tax-payer’s deduction from its income for the year 1903 of the sum of $150,000 by reason of its estimate of the loss in respect of the Hawaii Mill Company, which it owns, cannot be regarded as a loss “actually sustained during the year.” Sec. 1281, E. L. This estimate of the loss did not become an actual loss by the mere act of writing it off to the account of profit and loss, and it cannot be allowed.

The decision of the tax appeal court is modified accordingly.

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Per curiam:

The tax-payer’s deduction from its income for the year 1903 of the sum of $150,000 by reason of its estimate of the loss in respect of the Hawaii Mill Company, which it owns, cannot be regarded as a loss “actually sustained during the year.” Sec. 1281, E. L. This estimate of the loss did not become an actual loss by the mere act of writing it off to the account of profit and loss, and it cannot be allowed.

The decision of the tax appeal court is modified accordingly.

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Bluebook (online)

16 Haw. 559, 1905 Haw. LEXIS 77, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-assessment-of-taxes-of-h-hackfeld-co-haw-1905.