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GREAT CRUZ BAY, INC., ST. JOHN, VIRGIN ISLANDS v. WHEATLEY

No. 73-1452.

495 F.2d 301 (1974)

GREAT CRUZ BAY, INC., ST. JOHN, VIRGIN ISLANDS v. Reuben B. WHEATLEY, Commissioner of Finance, Government of the Virgin Islands, Appellant.

United States Court of Appeals, Third Circuit.

Decided March 28, 1974.

Attorney(s) appearing for the Case

Stefan F. Tucker, Arent, Fox, Kinter, Plotkin & Kahn, Washington, D. C., for appellant.

Clarence A. McLaughlin, Bornn, McLaughlin & Finucan, Charlotte Amalie, St. Thomas, V. I., for appellee.

Richard M. Roberts, Tax Div., Dept. of Justice, Washington, D. C., for amicus curiae (United States).

Before MARIS, GIBBONS and WEIS, Circuit Judges.

OPINION OF THE COURT

MARIS, Circuit Judge.

The question presented by this appeal is whether the taxpayer, Great Cruz Bay, Inc., a Virgin Islands corporation, is entitled to elect Virgin Islands income tax treatment as a small business corporation under subchapter S of the Internal Revenue Code, 26 U.S.C. § 1371 et seq. For the purposes of subchapter S, section 1371(a) of the Code defines a small business corporation...

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