Bausch & Lomb Optical Co. v. Commissioner
United States Tax Court
1. Petitioner owned 79.9 per cent of the stock of a corporation whose assets it acquired in the taxable year pursuant to a plan under which these steps were taken: First, X number of shares of petitioner's voting common stock were given to the transferor corporation in exchange for all of its assets. Next, the transferor corporation distributed such stock of petitioner to its stockholders on the basis of 8 1/2 shares for 1, and the transferor corporation was dissolved.
Read the full summary
1. Petitioner owned 79.9 per cent of the stock of a corporation whose assets it acquired in the taxable year pursuant to a plan under which these steps were taken: First, X number of shares of petitioner's voting common stock were given to the transferor corporation in exchange for all of its assets. Next, the transferor corporation distributed such stock of petitioner to its stockholders on the basis of 8 1/2 shares for 1, and the transferor corporation was dissolved. Petitioner received in the liquidation 84,347 shares of its own stock. Held, the substance of the transaction was that…
1Opinion of the Court
Bausch & Lomb Optical Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Bausch & Lomb Optical Co. v. Commissioner
Docket No. 53976
United States Tax Court
30 T.C. 602; 1958 U.S. Tax Ct. LEXIS 161;
June 13, 1958, Filed
Decision will be entered under Rule 50.
1. Petitioner owned 79.9 per cent of the stock of a corporation whose assets it acquired in the taxable year pursuant to a plan under which these steps were taken: First, X number of shares of petitioner's voting common stock were given to the transferor corporation in exchange for all of its assets. Next, the transferor…
2Cases cited13 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
8 more not listed; retrieve them via the Exa API.