BIGGS, Circuit Judge.
In 1939 the taxpayer, R. O'Dell & Sons Company, Inc., owned real estate in Newark, New Jersey, against which there was an outstanding mortgage of $150,000. The mortgage, executed April 5, 1928, secured payment of the taxpayer's bond to the Mutual Benefit Life Insurance Company of Newark. On May 9, 1939, the mortgage instituted an action to foreclose the mortgage in the Court of Chancery of New Jersey. On August 28, 1939, a judgment of foreclosure...
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