Hawkins v. Commissioner
United States Board of Tax Appeals
LOSS - MORTGAGE FORECLOSURE. - A mortgagor of real estate in California, upon foreclosure sale in 1931 thereunder, sustains a deductible loss, if and when the mortgaged property is unredeemed at the expiration of the 12-month period during which such property can be redeemed. California Code of Civil Procedure.
1Opinion of the Court
*919OFINION.
Leeoii :
It is apparent that petitioners each actually sustained a loss of $5,666.66. The only issue is when those losses are deductible for income tax purposes. Respondent contends that they occurred when the property was sold at auction under mortgage foreclosure on November 24, 1931, on the ground that absolute title passed from petitioners then. Petitioners deducted their losses on their income tax returns filed for 1932. They argue that the loss was not sustained *920until the expiration, in that jrear, of the 12-month period for redemption of the property, allowed under the…
2Cases cited9 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Leet v. ArmbrusterCalifornia Supreme Court · 1904
- Duff v. RandallCalifornia Supreme Court · 1897
- Way v. MullettMassachusetts Supreme Judicial Court · 1886
4 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Commissioner of Internal Revenue v. PetermanCourt of Appeals for the Ninth Circuit · 1941
- Securities Mortg. Co. v. CommissionerUnited States Tax Court · 1972
- Bickerstaff v. COMMISSIONER OF INTERNAL REVENUECourt of Appeals for the Fifth Circuit · 1942
- Hadley Falls Trust Co. v. United StatesDistrict Court, D. Massachusetts · 1938
- Wellman v. United StatesDistrict Court, D. Massachusetts · 1938
10 more not listed; retrieve them via the Exa API.