“The very purpose of a foreclosure proceeding is to put an end to the right to redeem and thus to make the conveyance to the mortgagee absolute and unconditional.”
How later courts described this case
- “The very purpose of a foreclosure proceeding is to put an end to the right to redeem and thus to make the conveyance to the mortgagee absolute and unconditional.”
Written by the judges who cited it.
The opinion
THOMPSON, Circuit Judge
(dissenting).
From the uncontradicted facts found by the trial judge sitting without a jury, I am constrained to conclude as a matter of law that the taxpayer is not entitled to the deduction permitted by section 23(e) and (j) of the Revenue Act of 1932, 26 U.'S.C.A. § 23 (e, k) and note, since he failed to ascertain the debt to be worthless and to charge it off within the taxable year.