 In this tale of role-reversal, Elmer Fudd (the president of an unnamed company) somehow believes he s a rabbit running scared from hunters  gunfire. This fact is not lost on the corporate board, who agree to place the delusonal Fudd in an asylum, where he dons a rabbit s costume and eats carrots. Elmer sees arch-rival Bugs Bunny walking by and tricks him into switching places. After Elmer leaves, the psychiatrist assigned to Fudd s case enters the room and (after having the bunny down a pill) gets the clueless Bugs to endlessly repeat the phrase: "I am Elmer J. Fudd, miwwonaire. I own a mansion and a yacht!" Later, Bugs (now convinced he s Elmer Fudd) leaves the mansion and goes hunting. After a series of hunting gags with Bugs getting the worst end of things this time the authorities come to take Bugs (still thinking he s Elmer) away for income tax evasion. Seems as though Fudd owed thousands in back taxes and he cleverly planned the entire scheme.