Swallows Holding, Ltd. - Page 19

                                        -108-                                         
          Judge Holmes’s criticism of the majority’s distinction of Natl.             
          Cable & Telecomm. Association. v. Brand X Internet Servs., 545              
          U.S. __, 125 S. Ct. 2688 (2005).  Since we are faced here with a            
          question of line drawing, the Secretary’s reasonably drawn line             
          necessarily supersedes the line drawn by any court.  See Natl.              
          Cable & Telecomm. Association, supra at 2700.                               
          IV.  Conclusion                                                             
               For the reasons stated, I would uphold section 1.882-                  
          4(a)(2) and (3)(i), Income Tax Regs., as a reasonable exercise              
          of the Secretary’s authority under section 7805(a) to draw                  
          lines.                                                                      
               SWIFT, J., agrees with this dissenting opinion.                        

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