R. O'DELL & SONS CO. v. COMMISSIONER OF INTERNAL REV.

No. 9554.

169 F.2d 247 (1948)

R. O'DELL & SONS CO., Inc. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals. Third Circuit.

Decided July 19, 1948.


Attorney(s) appearing for the Case

Herbert C. Smyth, Jr., of New York City (David F. Maxwell, of Philadelphia, Pa., on the brief), for petitioner.

Morton K. Rothschild, of Washington, D. C., Theron Lamar Caudle, Asst. Atty. Gen., and Sewall Key and George Stinson, Sp. Assts. to Atty. Gen., for respondent.

Before BIGGS, MARIS, and GOODRICH, Circuit Judges.


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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