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DANBURY, INC. v. OLIVE

Civ. No. 1985/269.

627 F.Supp. 513 (1986)

DANBURY, INC. A Nevada Corporation Petitioner, v. Anthony OLIVE, Director Bureau of Internal Revenue Government of the Virgin Islands Respondent.

District Court, Virgin Islands, D. St. Croix.

January 24, 1986.

Attorney(s) appearing for the Case

Todd Newman, St. Croix, V.I. and William A. Seligmann, Nelson, Seligmann & Wright, P.C., Los Angeles, Cal., for petitioner.

Meno W. Piliaris, Asst. Atty. Gen. (Tax), St. Croix, V.I., for respondent.

MEMORANDUM OPINION

DAVID V. O'BRIEN, District Judge.

We are presented here with the prospect of the ultimate tax shelter. Can a United States corporation headquartered in the Virgin Islands avoid paying income tax to both governments? Under the facts of this case, we hold that, by the use of a loophole in the taxing statutes, it can.

I. INTRODUCTION

Before discussing the specifics of this case, an initial introduction is needed to provide...

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