U.S. Court of Appeals for the Ninth Circuit, 1975

Swank & Son, Inc. v. United States

U.S. Court of Appeals for the Ninth Circuit · Decided August 11, 1975 · Koelsch, Duniway, Murphy

522 F.2d 981; 51 Oil & Gas Rep. 615; 36 A.F.T.R.2d (RIA) 5610; 1975 U.S. App. LEXIS 13195 (Federal Reporter, Second Series)

Counsel

Leonard J. Henzke, Jr., Atty. (argued), Tax Div., U. S. Dept, of Justice, Washington, D. C., for defendant-appellant., Richard F. Gallagher (argued), Great Falls, Mont., for plaintiff-appellee.

Cases that cite this one

1 later published case cites this decision.

Kenneth W. Doehring v. Commissioner of Internal Revenue (8th Cir. 1975)

This list shows which later cases cite this one. It does not say how they treated it, and no review of that has been done. Not a substitute for Shepard’s or KeyCite — verify before relying.

Opinion

OPINION

Before KOELSCH and DUNIWAY, Circuit Judges, and MURPHY, * District Judge. 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- *982 considered opinion of Judge Smith appearing in 362 F.Supp. 897 (D.Mont. 1973).

Affirmed.

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