Swank & Son, Inc. v. United States

Ninth Circuit

Swank & Son, Inc. v. United States

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

CourtCourt of Appeals for the Ninth Circuit

DecidedAugust 11, 1975

Docket74-1131

StatusPublished

Cited by1 cases

This text of 522 F.2d 981 (Swank & Son, Inc. v. United States) is published on Counsel Stack Legal Research, covering Court of Appeals for the Ninth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Swank & Son, Inc. v. United States, 522 F.2d 981, 51 Oil & Gas Rep. 615, 36 A.F.T.R.2d (RIA) 5610, 1975 U.S. App. LEXIS 13195 (9th Cir. 1975).

Pincite

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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