R. v. Anderson, 75 DTC 5393, [1975] C.T.C. 659 #1, [1975] C.T.C. 659, [1975] C.T.C. 658 (FCA), briefly aff'd 77 DTC 5044 (SCC)

After the employer corporation ("Bethel") granted options to purchase its shares to the taxpayer and other employees, it commenced winding-up proceedings and gave the taxpayer shares in the purchaser of the assets of Bethel in settlement of Bethel's liability under the option agreement. It was held that the shares in the purchaser were not received "under" the option agreements, nor could the taxpayer be said to have "transferred or otherwise disposed of rights under" the option agreements. (Ss.85A(1)(a), (b) of pre-1972 Act).