HENDERSON,
J.A.:—This
is
an
appeal
from
an
order
of
Mr.
Justice
Hogg
dated
January
15,
1951,
upon
an
application
of
the
executors
and
trustees
of
the
estate
of
the
late
Helen
Gertrude
Fleck
for
the
advice
and
direction
of
the
Court
upon
the
following
question:
“Does
the
Twenty
Thousand
Dollars
($20,000.00)
representing
the
proceeds
payable
to
the
Executors
and
Trustees
of
the
Estate
of
Helen
Gertrude
Fleck,
deceased,
on
the
redemption
of
two
hundred
(200)
preferred
shares,
being
part
of
the
redemption
of
one
thousand
(1,000)
preferred
shares
of
Booth
Lumber
Limited
issued
by
way
of
stock
dividend
out
of
the
tax-paid
undistributed
income
of
the
company
following
an
election
by
the
company
to
exercise
rights
under
Section
95A(1)
of
the
Income
Tax
Act,
S.C.
1948,
Chapter
52,
constitute
income
or
capital
in
the
hands
of
the
Trustees
?”
We
are
all
of
the
opinion
that
the
$20,000
in
question
constitutes
income
in
the
hands
of
the
said
executors
and
trustees
for
the
benefit
of
those
entitled
to
the
income
under
the
terms
of
the
will
of
the
said
Helen
Gertrude
Fleck,
and
we
therefore
affirm
the
order
appealed
from.
We
are
of
opinion
that
the
costs
of
all
parties
to
this
appeal
shall,
after
taxation,
be
paid
out
of
the
estate,
those
of
the
said
executors
and
trustees
as
between
solicitor
and
client.
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