Heinemann & Co. v. Commissioner
United States Board of Tax Appeals
The foreclosure sale of real property held under the facts to fix the time of ascertainment by a mortgage bondholder of a bad debt where the debt is ascertained to be otherwise uncollectible, even though, under the applicable law of Illinois, the mortgagor's right to redeem did not expire until the following year. J. C. Hawkins,34 B.T.A. 918, distinguished.
1Opinion of the Court
*1091OPINION.
OppeR:
The issue in this proceeding is the year in which the bad debt loss of a holder of real estate mortgage bonds may properly be allowed where the property is foreclosed in one year and the period of redemption expires in the next. The point arises out of the disallowance of a deduction taken in the year 1935 and resulting in proposed deficiencies of $1,168.16 and $102.92, respectively, in income and excess profits taxes for that year. Strangely enough, the question appears to be one of first impression, at least so far as this Board is concerned.
The character and extent of…
2Cases cited5 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Helvering v. Midland Mutual Life InsuranceSupreme Court of the United States · 1937
- Strause v. DutchIllinois Supreme Court · 1911
- Rawson v. Bethesda Baptist ChurchIllinois Supreme Court · 1906
- Halbert v. TurnerIllinois Supreme Court · 1908
3Cited by6 opinions
- Davis v. CommissionerUnited States Tax Court · 1987
- Securities Mortg. Co. v. CommissionerUnited States Tax Court · 1972
- Hubble v. CommissionerUnited States Tax Court · 1981
- Davis v. CommissionerUnited States Tax Court · 1987
- Heinemann & Co. v. CommissionerUnited States Board of Tax Appeals · 1939
1 more not listed; retrieve them via the Exa API.