HMW INDUSTRIES, INC., Petitioner-Appellee,
v.
Rueben B. WHEATLEY, Commissioner of Finance, Government of the Virgin Islands, Respondent-Appellant.
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued April 22, 1974.
Decided September 25, 1974.
Attorney(s) appearing for the Case
Joseph L. Costello, Bryant, Costello & Burke, Christiansted, St. Croix, V. I., James R. Wiener, David H. Brockway, Donovan, Leisure, Newton & Irvine, New York City, for petitioner-appellee.
Verne A. Hodge, Atty. Gen., Gordon S. Gilman, Asst. Atty. Gen., Charlotte Amalie, St. Thomas, V. I., for respondent-appellant.
Before ALDISERT, ADAMS and GARTH, Circuit Judges.
United States Court of Appeals, Third Circuit.
OPINION OF THE COURT
GARTH, Circuit Judge.
This appeal1 involves the proper income tax treatment of non-taxable subsidies granted under Act 224 of the Virgin Islands Sessions Laws (1957). The question presented is whether such subsidies (non-taxable when paid) reduce the basis of property acquired with the subsidy payment, so that upon liquidation and distribution of that property (from subsidiary to parent), the reduced property...
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