Citation Codes Equivalent Citations citation codes Docket Number No. 74-1131. Attorney(S) 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. Judges Montgomery Oliver Koelsch Benjamin Cushing Duniway Acts Internal Revenue Code — Income Taxes — Normal Taxes And Surtaxes — Tax Treatment Of S Corporations And Their Shareholders — Special Rules — Coordination With Subchapter C Internal Revenue Code — Income Taxes — Normal Taxes And Surtaxes — Tax Treatment Of S Corporations And Their Shareholders — Special Rules — Partnership Rules To Apply For Fringe Benefit Purposes See more information ... Smart Summary Please sign up to generate summary. SWANK SON, INC., PLAINTIFF-APPELLEE, v. UNITED STATES OF AMERICA, DEFENDANT-APPELLANT. OPINION 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.