Think of it: island hopping on your private yacht and watching the sun set in the port of your choice. Thanks to provisions of the U.S. tax code, a booming charter industry has sprung up to make such dreams come true. The tax shelters enable landlubber investors to buy yachts and lease them to vacationers for as little as $600 per person per week, or about the cost of a first-class beach resort. Says Simon Scott, marketing manager of The Moorings, a charter company that operates 110 yachts in the Caribbean islands of Tortola and St. Lucia: "Yachting is no longer...
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