Elaine's father, Alton, a noted author, is visiting, and she drags Jerry and George along as social buffers. Jerry goes shopping for clothes and serendipitously finds a perfectly-fitting suede jacket. Despite an eye-watering price tag and loud, pink striped lining, Jerry is sold. He proudly wears the jacket even over pajamas, but fails to hide the price tag from Kramer. Kramer eyes Jerry's old leather jacket and wheedles it out of Jerry as a hand-me-down.
George is enjoying singing along with "Master of the House" from Les Misérables stuck in his head, until Jerry tells him how Robert Schumann was institutionalized after hearing a musical note repeatedly. They both expect that Alton will read them like a book, but his jacket bolsters Jerry's confidence. Impressed, George incessantly guesses at the price tag, but Jerry is poker-faced even as the figures cross four digits. Kramer, going to pick up his magician friend's doves, needs a passenger for "two minutes" while he is double parked; Jerry and George both beg off as they head out. Jerry knows firsthand that favors for Kramer take much longer than promised.
At the luxurious Hotel Westbury, Jerry and George find Alton, a gravel-voiced, imposing man. Alton is blunt, humorless, and curt in response to their small talk, and Jerry reminds him of serving in Korea with a "funny guy" who was brutally KIA. With Elaine nowhere to be found, Jerry and George take temporary refuge in the men's room, but find no escape from Alton for another half hour. Elaine, having unsuspectingly agreed to help Kramer, finally arrives after failing to prevent Kramer's car from getting towed, and then chasing down escaped doves. Jerry and George pretend that keeping Alton company was no trouble at all.
Alton leads them all to a restaurant five blocks away and puts a stop to George's singing. With snow falling, Jerry realizes his jacket will not survive the walk. He flips it to the striped side, but Alton forbids him from such garish attire.
The next day, Elaine and Kramer chide Jerry for ruining his jacket. Kramer, willing to wear it regardless, gets it as another hand-me-down and keeps both jackets. Elaine confides that Alton, in secret, liked Jerry. Alton drives home, singing "Master of the House" to himself.