We present a comprehensive interpretation of the evolution of a small magnetic region observed during its entire disk passage. The vector magnetic field measurements from the Advanced Stokes Polarimeter, along with H alpha and magnetogram measurements from the Lockeed SOUP instrument operating at the Swedish Solar Observatory on La Palma, and soft X-ray images from the Yohkoh satellite support the hypothesis that we have observed the passage of a nearly closed magnetic system through the photosphere into the corona. The observations suggest that as the magnetic flux begins to emerge into the photosphere it shows a rather simple geometry, but it subsequently develops a small delta-sunspot configuration with a highly sheared vector field along the polarity inversion line running through it. At that stage, the vector field is consistent with a concave upward magnetic topology, indicative of strong electric currents above the photosphere. An H alpha prominence is found above this inversion line when the delta-sunspot is fully formed. These observed features and the sequence of events are interpreted in terms of a nearly closed magnetic system that rises through the photosphere into the corona as a result of magnetic buoyancy. The magnetic system persists in the corona well after the dark delta-sunspot has disappeared in the photosphere. We suggest that this coronal structure is in quasi-static equilibrium with its buoyancy partially countered by the weight of the plasma trapped at the bottom of closed magnetic loops. The plausibility of such a scenario is demonstrated by a three-dimensional magnetostatic model of the emergence of a closed, spheroidal magnetic system in the corona, in which the Lorentz force arising from cross-field currents is balanced by the gravitational and pressure forces. This theoretical model carries many features in common with the observed morphology of our active region.