Legal Opinion
Anchor Coupling Company, Inc. v. United States
Court of Appeals for the Seventh Circuit
Decided July 31, 1970No. 17834_1PublishedCited by 92 opinions
1Opinion of the Court
SWYGERT, Chief Judge.
This is a suit for refund of $382,353.-12, representing taxes and interest which the Anchor Coupling Company, Inc. paid after the Commissioner of Internal Revenue disallowed a $600,000 deduction on taxpayer’s federal income tax return for its fiscal year ending June 30, 1962. The issue is whether the district court correctly ruled that the $600,000 paid by taxpayer in settlement of litigation seeking specific performance of an alleged contract for the sale of Anchor’s assets to the Borg-Warner Corporation was deductible as an ordinary and necessary business expense rather…
2Cases cited15 opinions
- United States v. GilmoreSupreme Court of the United States · 1963
- Woodward v. CommissionerSupreme Court of the United States · 1970
- United States v. Hilton Hotels Corp.Supreme Court of the United States · 1970
- Rassenfoss v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1946
- Borg-Warner Corp. v. Anchor Coupling Co.Illinois Supreme Court · 1958
10 more not listed; retrieve them via the Exa API.
3Cited by92 opinions
- Seay v. CommissionerUnited States Tax Court · 1972
- Reed v. CommissionerUnited States Tax Court · 1970
- Fort Howard Corp. v. CommissionerUnited States Tax Court · 1994
- A.E. Staley Manufacturing Company and Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1997
- Clark Oil and Refining Corporation v. United StatesCourt of Appeals for the Seventh Circuit · 1973
87 more not listed; retrieve them via the Exa API.