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BAUSCH & LOMB OPTICAL CO. v. C. I. R.

No. 239, Docket 25424.

267 F.2d 75 (1959)

BAUSCH & LOMB OPTICAL COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided May 19, 1959.

Attorney(s) appearing for the Case

Hugh Satterlee, Washington, D. C. (Scott Stewart, Jr. and Thomas C. Taylor, Rochester, N. Y., on the brief), for petitioner.

Morton K. Rothschild, Attorney, Department of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum and Melvin L. Lebow, Attorneys, Department of Justice, Washington, D. C., on the brief), for respondent.

Before MEDINA and HINCKS, Circuit Judges, and MATHES, District Judge.

MEDINA, Circuit Judge.

Petitioner Bausch & Lomb Optical Company, a New York corporation engaged in the manufacture and sale of ophthalmic products, on March 1, 1950 owned 9923¼ shares of the stock of its subsidiary Riggs Optical Company, or 79.9488% of the 12,412 outstanding shares of Riggs. In order to effectuate certain operating economies, Bausch & Lomb decided to amalgamate Riggs with itself. To this end on April 22, 1950 Bausch & Lomb exchanged...

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