Heald,
J.:
—We
do
not
need
to
hear
you,
Mr.
Malette
and
Ms.
Brown.
We
are
all
of
the
view
that
the
learned
trial
judge
did
not
err
in
concluding,
on
the
evidence
before
him,
that
the
expenditure
by
the
appellant
to
acquire
certain
customer
lists
from
the
O-Bryan
Group
of
insurance
agencies
was
a
payment
on
account
of
capital.
We
think
that
the
findings
of
fact
which
he
made
and
the
inferences
which
he
drew
therefrom
were
reasonably
open
to
him.
We
think
also
that
in
reaching
his
decision,
he
applied
proper
legal
principles
to
the
particular
circumstances
of
this
case.
We
are
satisfied
that,
in
determining
whether
the
subject
expenditure
was
on
capital
or
revenue
account,
he
properly
entered
into
an
analysis
of
the
entire
circumstance
surrounding
the
transaction,
which
he
examined
from
the
perspective
of
exactly
what
the
expenditure
was
calculated
to
accomplish,
from
a
practical
and
business
point
of
view.
In
short,
we
think
that
he
carefully
considered
the
nature
and
substance
of
the
transaction
which
the
applicable
jurisprudence
requires
him
to
do.
For
these
reasons,
we
would
dismiss
the
appeal
with
costs.
Appeal
dismissed.
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