SOBELOFF, Circuit Judge:
The single question raised in this action for refund of corporate income taxes is whether the appellant-taxpayer, Fulk & Needham, Inc., was eligible for treatment as a small business corporation under subchapter S of the Internal Revenue Code during the years 1960, 1961 and 1962. In order to obtain subchapter S treatment, a corporation must make a valid election to have its income taxed directly to its shareholders.
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