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Joubin & Associates Mining Geologists Limited (hereinafter referred to as the ‘‘Joubin company’’), being (a) $ 43,603.40 in respect of 1960 (b) $ 85,189.06 “ ‘* ** 1961 (c) $138,369.41 ‘6 ‘* ** 1962 are deductible in computing the appellant’s profits from its business for those respective years for the purposes of Part I of the Income Tax Act. ... In other words, the question, as I understand it, is: Is such an expenditure in substance a revenue or a capital expenditure ’ ’? ... Atherton, supra, and that had been applied by Kerwin, J., as he then was, in Montreal Light, Heat & Power Consolidated v. ...

:—This is an appeal from a judgment of the Income Tax Appeal Board (23 Tax A.B.C. 233) which affirmed a reassessment with respect to the appellant’s income tax assessment for the year 1955 by which an amount of profits in the sum of $16,864.62 for the year 1955 realized on the sale of a number of oil and gas leases and rights was added to the taxpayer’s income for the above year as follows: For 1955 Interest received New Superior Oils re- ported in error $ 50.00 Interest received Western Tungsten & Copper Mines not reported in error 90.00 $ 140.00 Net gains Crown Petroleum & Natural Gas Reser- vations 513 & 514 $ 1,264.34 Crown Petroleum & Natural Gas Reser- vation 1268 2,976.40 Crown Petroleum & Natural Gas Reser- vation 1326 plus interspersed leases. 14,102.50 $18,343.24 Deduct lease rentals 1,618.62 $16,724.62 $16,864.62 The taxpayer, a professional consulting geologist, had, in the last twenty years, acquired rights to oil lands on twelve occasions for the purpose of having them explored, developed and then obtaining a royalty or a payment out of the oil or gas found. ... Judgment has today been handed down in case bearing number 160973 of this Court holding that the profit of the taxpayer from his oil and gas right transactions was profit from a business within the meaning of Sections 3 and 4 of the Act as extended by Section 127(1) (e), later replaced by Section 139(1) (e) of the same Act; that the taxpayer was entitled under Section 14(2) of the Income Tax Act and Section 1800 of the Income Tax Regulations, passed pursuant thereto, to produce an inventory of his properties on a fair market value basis which as of December 31, 1951, had the following fair market values: #730 $ 8,544.00 #513 2,177.00 #514 941.00 #1317 6,050.60 #1318 15,392.22 41,811.00 #1326 Shell Freehold 1,491.00 Imperial Freehold 7,091.00 #1268 45,922.40 C.P.R. 8,360.80 $137,721.02 and finally allowing the appeals with costs and referring the assessments back to the Minister to be revised accordingly. ...

It provided as follows: “20. (1) The value of every annuity, term of years, life estate, income or other estate, and of every interest in expectancy, shall be determined, (i) if the succession does not depend on life contingencies, on the basis of compound interest at the rate of four per centum per annum with annual rests; and (ii) if the succession depends on life contingencies, on the basis of interest as aforesaid, together with the standard of mortality as defined in Table II below; and Tables I, III and IV, below, which are derived from the bases aforesaid, shall be used so far as they may be applicable in the valuation of any succession. ’ ’ The tables referred to this regulation were entitled as follows: “TABLES The Tables hereby approved pursuant to Section 34 of the Act and referred to in Regulation 20 are as follows: Table I PRESENT VALUE OF DEFERRED GIFTS * * oe Table II PRESCRIBED STANDARD OF Mortality * x * Table III PRESENT VALUE OF LIFE INTERESTS or Life ANNUITIES * * x PRESENT VALUE OF an ANNUITY FOR a TERM Certain” The figure 15.41547 appears in Table III as the value of an annuity of $1 per annum for life for a person of the age which Millicent Elizabeth Burns had attained on June 23, 1953. ... The other purpose of the Act for which determinations of value must be made is the ascertainment of ‘ dutiable value ’ ’ by which additional rates of duty prescribed by Section 11 are governed and to which both the initial and the additional rates are applied. ... The value of every annuity, term of years, life estate, income, or other estate, and of every interest in expectancy shall for the purposes of this Act be determined by such rule, method and standard of mortality and of value, and at such rate of interest as from time to time the Minister may decide, and the value so determined shall be deemed to be the fair market value thereof. ’ ’ The substitution of this provision seems to me to have wrought a considerable change, and it may well be that, on its present language, the scope of Section 34 has been made wide enough to apply to the valuation of the interest in question as part of the aggregate net value of the estate of Michael John Burns. ...

Add: 25% corner influence $ 27,273. $ 516.354. ($36.00 sf) on 40’ (2) 179'4" x 80’ = 14,350 sf at $2,180. ff or $27.27 sf $391,264. Add: 25% corner influence $ 21,818. $ 413,082. ($28.80 sf) on 40' (3) 76'6%" X 100’ = 7,656 sf at $1,820. ff or $18.18 sf $139,200. Add: 25% corner influence $18,181. $ 157,381. ($20.55 sf) on 40' (4) 158'7" X 76'6% " = 12,150 sf at $1,045. ff or $13.65 sf $ 165,787. ($13.64 sf) (5) 76'6%" X 100’ = 7,656 sf at $2,410. ff or $24.00 sf $184,440. ...

In its return of income for the fiscal year ended March 31, 1933, Pioneer Laundry & Dry Cleaners Limited included as depreciation the following items: Rate Depreciation charged off Year per cent Total previous Amount this Nature of article acquired Cost per annum charged year Machinery & equip ment 1932 $146,690 10 $14,131 15 Automobiles 1932 14,675 20 2,935 08 Horses & wagons 1932 1,352 10---------------- 135 25 Furniture & fixtures... 1932 5,740 10 — 574 07 forming a total of $17,775.55. ... The said last mentioned company on 1st April, 1932, acquired all the physical assets of the following companies, that is to say: Pioneer Laundry & Dry Cleaners Limited, Cascade Laundry & Dry Cleaners Limited, Dominion Laundry & Dry Cleaners Limited, B.C. ... Section 9 says {inter alia): There shall be assessed, levied and paid upon the income during the preceding year of every person (a) residing or ordinarily resident in Canada during such year; * # © + # a tax at the rates applicable to persons other than corporations and joint stock companies set forth in the First Schedule of this Act upon the amount of income in excess of the exemptions provided in this Act: Provided that the said rates shall not apply to corporations and joint stock companies. 2. ...

Bank of Nova Scotia (1885) 11 S.C.R. 1 at 10; Gunn & Company Ltd. v. ... It goes back into stock at inventory prices. ‘ ‘ The witness said that the quantity of containers returned was between 75% and 85%. ... " " 54. After examination of the taxpayer ‘s return the Minister shall send a notice of assessment to the taxpayer verifying or altering the amount of the tax as estimated by him in his return. “2. ...

The term " " depreciation” apparently is here used in its commercial sense to apply only to wasting fixed assets, such as plant, machinery and equipment, which inevitably diminish in value while applied to the purpose of seeking profits, or advantage otherwise than by purchase and sale. ... The total deductions allowed the appellant for depreciation of plant and equipment, for depreciation of the well casings, for depletion, and for development costs, for the taxation period of 1938, may therefore be stated as follows: For depreciation on plant and equipment $24,119.74 " on casings 5,708.19 ‘ ‘ depletion 27,675.32 ‘ ‘ development 26,933.13 A total of $84,436.38 Before proceeding further I should perhaps explain that the method of computing the deductions for development and depletion in the taxation period in question was varied for the year 1939, and following years. ... " " The allowance for depreciation of casing in the said well was not sufficient in the circumstances.” ...

It is sufficient to bring the receipts into tax if they are ‘ ‘ like ’ ’ rents, royalties or annuities, provided, of course, they fulfil the other requirements of the subsection. ... ‘ The next point taken by the appellant is that even if her receipts were royalties or like royalties, they did not " " depend upon the production or use of any real or personal property’’ and therefore did not come within subsection (f). ... (d) And with relation to a country, region, mine, process, etc.: To give forth, yield, furnish or supply. ‘ ‘ In Ottawa Electric Light Co. v. ...

., Green Valley Fertilizer & Chemical Co. Ltd. v. M.N.R., Westland Elevators Limited v. ... In early use there is often a notion of confused aggregation. ’ ’ The only other sense that might be applicable is “3. A number of persons or things in a certain relation, or having a certain degree of similarity. ’ ’ Counsel for the appellants referred to other dictionary definitions but I do not find any conflict among them. ...

The main function of a liquidator is to collect and realize all the assets of the company to be applied in discharge * of its liabilities. 5 Hals. 445. ... Devensh [1903] 2 Ch. 625 at 636; John Hood & Co. V. Magee (1918) 7 R.T.C. 327, at p. 350. ... The company is only approached through the liquidator because he happens to be the agent who administers the company and in whose hands the assets, the annual profits and gains of the company are, under a special Act, administered by him. s It cannot be contended that because the interpretation clause defining the word " " person ‘ ‘ does not mention the word " " liquidator” that he must escape. ...