No. 1428, Docket 89-4156.

933 F.2d 1084 (1991)

BAUSCH & LOMB INCORPORATED and Consolidated Subsidiaries, Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Second Circuit.

Decided May 14, 1991.

Attorney(s) appearing for the Case

Dennis I. Meyer, Washington, D.C. (C. David Swenson, A. Duane Webber, Baker & McKenzie, Washington, D.C., of counsel), for petitioners-appellees.

Teresa E. McLaughlin, Atty., Tax Div., Dept. of Justice, Washington, D.C. (Brian C. Griffin, Acting Asst. Atty. Gen., Gary R. Allen, Jonathan S. Cohen, Attys., Tax Div., Dept. of Justice, Washington, D.C., of counsel), for respondent-appellant.

Before ALTIMARI and MAHONEY, Circuit Judges, and TENNEY, District Judge.

MAHONEY, Circuit Judge:

26 U.S.C. § 4821 authorizes the Commissioner of Internal Revenue (the "Commissioner") to reallocate gross income, deductions, credits, or allowances among commonly controlled entities in order to prevent tax evasion or clearly to reflect their income. Section 482 empowers the Commissioner to determine the taxable income of the commonly controlled entities as if they had conducted their affairs in the manner...

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