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SWANK & SON, INC. v. UNITED STATES

Civ. No. 3018.

362 F.Supp. 897 (1973)

SWANK & SON, INC., a Montana corporation, Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court, D. Montana, Great Falls Division.

August 27, 1973.

Attorney(s) appearing for the Case

Richard F. Gallagher, Church, Harris, Johnson & Williams, Great Falls, Mont., for plaintiff.

Otis L. Packwood, U. S. Atty., Billings, Mont., for defendant.

OPINION AND ORDER

RUSSELL E. SMITH, Chief Judge.

Does the bonus received by a Subchapter S corporation, the lessor in an oil and gas lease, constitute "personal holding company income"?1 The Government's motion for partial summary judgment raises the question.

Plaintiff qualified as a Subchapter S corporation in 1960. It was and is actively engaged in the farming and ranching business. In 1965 it executed an oil and gas...

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