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As things turned out, the case was settled at the beginning of the trial. The defendants agreed to pay Borg-Warner $1,000,000: the individual defendants paid $400,000 and Anchor Coupling Co. paid $600,000. See Anchor Coupling Co. v. United States, 427 F.2d 429 (7th Cir. 1970), disallowing Anchor's attempt to have the $600,000 corporate payment treated as an ordinary business expenditure for income tax purposes.3
In commenting on Borg-Warner, Knapp, Enforcing the Contract to Bargain, 44 N.Y.U. L. Rev. 673, 715 (1969), remarks: "A better case can hardly be imagined to demonstrate the dilemma caused by the common law for the judges concerned, both with justice and with well structured reasoning."
June 02, 2014
220.127.116.11 Notes - Borg-Warner Corp. v. Anchor Coupling Co.
Kessler, Gilmore & Kronman
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