Court of Appeals for the Third Circuit July 19, 1948, 9554 (R. O'Dell & Sons Co. v. Commissioner of Internal Rev.)

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.