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.