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Appeals allowed. 1 See for example MNR v Howson & Howson Limited and Howson & Howson Company (Cargill) Limited, [1970] CTC 36; 70 DTC 6055. ...

Very well designed 3 BR bung. with dble. att. garage & OFP. *“L shaped LR & DR carpeted Lge. kit. with eating area Pwd. rm. off MBR Lot 60 x 165 ft. ...

The gross revenue is $72,410: Moins: Provisions pour vacances et mauvaises créances 3% $ 2,170 Revenu brut effectif annuel $ 70,240 Dépenses Taxes: 22% Assurances: 2% Entretien et réparations: 10% Gestion: 5% Electricité: 1% Total: 40% $ 28,100 Revenu net avant amortissement $ 42,140 Taux global: 8.0% Valeur capitalisée $526,750 Arrondi $527,000 5.25 The amount of $500,000 (comparison method) is accepted by Mr Bois as the figure which seems to indicate the best value. ... Canadian Propane Gas & Oil Limited v MNR, [1972] CTC 566: 73 DTC 5019; 13. ... Baine, Johnston & Co Ltd v MTR, [1968] Tax ABC 1100; 68 DTC 801; 18. ...

Apparently, when the loan was made, Mrs Flusser was not a shareholder of Cascade — but when did she become a shareholder? ... Cascade put up the money but Mrs Flusser received the benefit — an advantage as a shareholder when the option expired. ... It appears from the verbal evidence that Messrs Flusser and Evans were experienced pawnbrokers and when Cascade, in which they were both shareholders with Mrs Flusser, decided to lend money — apparently to retain a tenant — they used the tools of the trade to protect the loan. ...

This sum shall be payable as follows: — $500.00 payable on November 12,1976 and $500 payable on January 12,1977. — The balance of $16,000.00 shall be payable in 48 equal consecutive monthly payments of $333.33 each. The first payment shall be due on December 12, 1976 and the others on the twelfth day of each month until November 12, 1980 inclusive. — Should the respondent predecease the petitioner, the respondent shall renounce that amount that has not been paid. — Notwithstanding the preceding paragraphs ACKNOWLEDGES the mutual and reciprocal waiver by the parties of any other right to alimony. 4. ... The first instalment shall be due on December 12, 1976 and payments shall continue thus on the twelfth day of each month until November 12, 1980 inclusive. — ORDERS the petitioner to pay on his death to the respondent a sum of $10,000.00. ...

. — Mr Prussick, the appellant, received on the winding-up of the Company, a sum of $15,000 and is taxable on a deemed dividend of $20.000. ... —The appellant took in payment for the above goodwill, common and preference shares to the full amount of $15,000. — No objection was raised by Revenue Canada in 1959 either to the purchase or valuation of goodwill by the corporation. — In 1973 the appellant decided to wind up the Company and distributed the net assets remaining. — In so doing, he concluded that the most advantageous approach would be to pay the reduced rate of 15% tax on undistributed income. — He did so effective December 31,1973, with what he regarded to be the agreement of Revenue Canada. — In making the necessary calculation, and ultimate distribution of the Company assets, he reduced the book amount of undistributed income by $15,000 representing the above-noted goodwill. ... —The appeal at issue resulted. — Reference is made to one of the contentions of the respondent, noted earlier: It is too late for the Company to make another election as regard to the $15,000 added; the charter of the Company was officially surrendered on November 9, 1974. ...

In 1964 and 1965 the firm of W D Love & Company did the appellant company's auditing. In 1966 and subsequently the firm of Clarkson, Gordon & Co became the auditors of the appellant company and Mr John Green of that firm was an important witness at the hearing of the appeal. 11 From Mr Green's testimony and from supporting documents the amount of $52,107.30 had theretofore been carried in the appellant's books as an asset but was considered by the new auditors to be uncollectable. The 1965 income tax return of the company was amended by the firm of Clarkson, Gordon & Co and the amount was written off as a bad debt in 1965 and claimed as an expense. 12 It is alleged by the appellant that the amount of $52,107.30 in accounts receivable arose as a result of sales of steel products made by the appellant to Greensteel Fabricators in 1963. ...

. — The company hereby appoints Mr Jones, and undertakes to have him appointed by Tabacs Trans-Canada Ltée, exclusive agent for the pur- chase and supply of leaf tobacco, at the best possible price in view of market conditions. 2. — The company further undertakes to appoint Mr Jones, and have him appointed by Tabacs Trans-Canada Ltée, technical adviser with the right to be present at the directors’ and shareholders’ meetings of both companies. 3. — Both personally and in his capacity as president and majority Shareholder of F H Jones Tobacco Sales Co Ltd, Mr Jones undertakes to Supply the company and Tabacs Trans-Canada Ltée with leaf tobacco, at the best possible price regard had to market conditions. 4. — In addition to the guarantee in respect of the loan of $200,000 provided by Mr Jones, the company undertakes to deposit as collateral security the controlling shares in Tabacs Trans-Canada Ltée purchased with the proceeds of the loan, as well as the shares held personally by the directors of the Company in their own company, and any shares which the latter shall acquire in the said company. 5. — Further, subject to the additional guarantees contained in the preceding paragraph, the company undertakes on its own behalf as well as that of Tabacs Trans-Canada Ltée, not to make any capital expenditures or loans other than bank loans without the consent of Mr Jones so long as the latter’s personal commitment remains in effect. Similarly, the salaries of the executive officers of both companies shall not exceed the sum of $40,000 per annum overall. 6. — In the event that the company merges with Tabacs Trans-Canada Ltée it is agreed that the merged company will have the same obligations towards Mr Jones as the two aforementioned companies. 7. — Mr F H Jones’ guarantee will be provided by his endorsement of one or more promissory notes for a total amount of $200,000. ... Before concluding I would cite the following cases: L Berman & Co Ltd v MNR, [1961] CTC 237; 61 DTC 1150, a judgment of the Exchequer Court; Heap and Partners (Nfld) Ltd v MNR, 42 Tax ABC 278; 66 DTC 772; MNR v The Kellogg Company of Canada Ltd, [1943] S.C.R. 58. ...

The mortgage document Exhibit A-1, at paragraph 1 of page 4 reads as follows: PROVIDED this mortgage to be void on payment of TWO HUNDRED AND THIRTY THOUSAND — ($230,000.00) — Dollars of lawful money of Canada with interest to be computed from the 2nd day of July 1974 at 13% per cent per annum as follows: The sum of One Hundred and Ten Thousand ($110,000.00) Dollars on account of principal money shall become due on July 2nd 1975 and the balance of the said principal money shall become due on the 2nd day of July 1979 together with interest half-yearly at the rate aforesaid payable on the second days of January and July in each year, the first of such payments of interest to be made on the 2nd day of January 1975. ... Considering now paragraph 12(1)(c) of the Act, it reads as follows: 12. (1) there shall be included in computing the income of a taxpayer for a taxation year as income from a business or property such of the following amounts as are applicable: (c) Interest — any amount received by the taxpayer in the year or receivable by him in the year (depending upon the method regularly followed by the taxpayer in computing his profit) as, on account or in lieu of payment of, or in satisfaction of, interest; On the evidence, there can be no doubt that the $30,000 was interest receivable by the appellant in 1974. ...

It won ribbons in exhibitions. 3.08 The expenses concerning the mare were as follows: Purchase price $ 500 Stud services $ 250 Food (approximately) $ 250 $1,000 3.09 During the period of time that the mare was on the farm, the appellant had an arrangement with the farmer in the adjoining farm, Mr Scott Gowne, to take care of the mare when he could not do so himself. ...