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Appeal allowed. 1 *The parties agreed that the average rate of exchange in 1977 and 1978 was $0.3862 for G$1 in 1977 and $0.4375 for G$1 in 1978. 2 tReference to $ is in Canadian currency. 3 *lt was not clear from the evidence whether the amount of $14,000 was in the currency of Canada or Guyana. ...

. — where the taxpayer was employed in the year in connection with the selling of property or negotiating of contracts for his employer, and (i) under the contract of employment was required to pay his own expenses, (ii) was ordinarily required to carry on the duties of his employment away from his employer's place of business, (iii) was remunerated in whole or part by commissions or other similar amounts fixed by reference to the volume of the sales made or the contracts negotiated, and (iv) was not in receipt of an allowance for travelling expenses in respect of the taxation year that was, by virtue of subparagraph 6(1)(b)(v), not included in computing his income, amounts expended by him in the year for the purpose of earning the income from the employment (not exceeding the commissions or other similar amounts fixed as aforesaid received by him in the year) to the extent that such amounts were not (v) outlays, losses or replacements of capital or payments on account of capital, except as described in paragraph (j), or (vi) outlays or expenses that would, by virtue of paragraph 18(1)(l), not be deductible in computing the taxpayer's income for the year if the employment were a business carried on by him. ...

The appellant maintained that this paragraph was based on the Beauregard decision of the Federal Court — Trial Division, [1981] 2 F.C. 543. ...

“Indefeasibly vested” — statute providing for exemptions from estate tax with respect to net estate, not exceeding specified amounts, transferred to and “indefeasibly vested” in surviving spouse or children of decedent, used quoted phrase as meaning an absolute vesting or a vesting with no strings attached as of date of decedent's death. ...

As stated in Dominion Steel & Coal Corporation Limited v. Minister of National Revenue, 57 D.T.C. 147 at page 150 (T.A.B.),... the line that divides capital from income in exchange profits is the same as that which divides capital and income in any other sense. ...

Alessio had no previous experience in the hotel business — nor did Jackson, yet he sold his insulation business and his residence in order to obtain the capital to purchase the Didsbury. ...

In considering the circumstances in which a transaction might be an “adventure in the nature of trade” Thorson, P stated at 210, 211 [1137]: But “trade” is not the same thing as “an adventure in the nature of trade” and a transaction might well be the latter without being the former or constituting its maker a “trader”. “... ...

Appeal dismissed 1 * Checkerboarding, as I understand it, was a method to avoid certain provisions of the Planning Act of Ontario by creating lots beneficially owned by one person but legally by several and in which no one legal owner owned contiguous lots. ...

The appellant directed the Court’s attention to a subparagraph which reads: The Minister covenants, promises and agrees: (a) to pay unto and the said vendor the sum of $() cents per cubic yard of accepted sand and/or gravel removed from the said pit, such payment to be compensation in full for said sand and/or gravel. and argued that in fact Alberta Transportation acquired the sand and/or gravel from a landowner/vendor only upon completion of the crushing and sorting process and that title did not pass to Alberta Transportation until that point of time. ...

The second is: I R v Wesleyan & General Assurance Society 30 TC 11, 16, 25 per Lord Simon: It may well be to repeat two propositions which are well-established in the application of the law relating to income tax... ...