SWANK & SON, INC., PLAINTIFF-APPELLEE,
v.
UNITED STATES OF AMERICA, DEFENDANT-APPELLANT
SWANK & SON, INC., PLAINTIFF-APPELLEE,
UNITED STATES OF AMERICA, DEFENDANT-APPELLANT
522 F.2d 981
United States Court of Appeals for the Ninth Circuit (1975)
Positive Treatment
Cited by 2 cases
Opinion of the Court
PER CURIAM:
The question on this appeal is whether the District Judge erred in concluding that the cash bonus received by Taxpayer, a small business corporation under Subchapter S of the Internal Revenue Code of 1954 (26 U.S.C. § 1371 et seq.) and the lessor in an oil and gas lease, did not constitute “personal holding company income” under 26 U.S.C. § 1372(e)(5) as it read in 1965, and hence did not operate to terminate Taxpayer’s election to be taxed as a small business corporation.
Having carefully considered the matter, we are convinced that the answer is “no” and approve and adopt the well- considered opinion of Judge Smith appearing in 362 F.Supp. 897 (D.Mont. 1973).
Affirmed.