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The result was that it came up with a scheme for the acquisition and development of a site in the City of Edmonton (sometimes referred to as the ‘‘ Bellamy Hill land”) using part of the lands that had been zoned as park lands as a means of acquiring such site. ... This amount is computed as follows: Sale of Bellamy Hill property to Great-West Life Assurance Company $1,000,000.00 Cost of land (215 acres), exchanged for the Bellamy Hill property $272,600.00 Provision for loss on land under option with the City of Edmonton— 217 acres @ $265.00 57,500.00 330,100.00 Gain on Sale $ 669,900.00 This is the item the correctness of which is challenged by this appeal. ... In January 1965, the City of Edmonton acquired the 217.4 acres referred to in paragraph 8 hereof for a total consideration of $217,000.00 thus giving rise to a loss of $58,200. and has added a new paragraph 3A to its ‘ Reasons for Appeal ’ ’ in its Notice of Appeal, reading as follows: 3A. ...

The following incomes shall not be liable to taxation hereunder: (h) The income of clubs, societies and associations organized and operated solely for social welfare, civic improvement, pleasure, recreation or other non-profitable purposes, no part of the income of which inures to the benefit of any stockholder or member; (c) The income of any religious, charitable, agricultural and educational institution, board of trade and chamber of commerce, no part of the income of which inures to the personal profit of, or is paid or payable to any proprietor thereof or shareholder therein; ’ 1 The facts are not in dispute. ... This was granted in the following terms: ‘‘And it is further ordained and declared that the company shall be prohibited from declaring dividends and shall also be further prohibited from distributing any profits during hostilities or during the period that the company is required to carry on elementary training under the British Commonwealth Air Training Plan. ’ ’ Mr. ... The term ‘ 4 association ’ ’ in its ordinary meaning is wide enough to include an incorporated company. ...

If they are, on the other hand, revenues of a ‘‘business’’, the deductions that may be made in computing " ‘income’’ for the purposes of Part I are not so limited.) ... Article 2.3 further provides that “The Radiologist” agrees “that sufficient coverage shall be provided so that equivalent of one full time Radiologist will be provided for each regular 0,000 examinations per annum... ” thus implying that, if the volume of work should require it, the appellant was to provide the services of more than one radiologist. 6. ... According to Article 12 of the relevant by-laws, such " Chiefs ‘ ‘ were required to " " supervise their respective Departments’’. ...

Certain of the assets were taxed by the Minister as follows: Class D $14,000 Canada Savings Bonds 5% and ac- crued interest $14,466.76 Class D $ 2,000 Canada Savings Bonds 4%% and accrued interest 2,060.00 Class D $11,000 Province of Quebec Savings Bonds 5%% and accrued interest 11,144.38 Class D $15,000 Province of Quebec Savings Bonds 5% and accrued interest 15,125.10 Class E Savings Account No. 12909, Bank of Mont- real, Montreal- 3,136.91 Class E 100 Grams Gold Bar — 124.38 $46,507.53 The following assets with situs in Canada were not included among the taxed assets: Class E Savings Account, The Royal Bank of Canada, Montreal- — $ 3,424.17 Class E Clothing, jewellery and personal effects 200.00 Class E Household furniture, furnishings and effects 1,000.00 Class E Accrued leave, Registration Grant, indemni ties, etc., from International Civil Aviation Organization 18,765.00 $23,389.77 All of the taxed assets, except for acerued interest, were acquired with moneys accumulated as savings from deceased’s income earned as an employee of the International Civil Aviation Organization in Montreal, which is an. organization as defined for the purposes of the Privileges and Immunities (United Nations) Act within the meaning of Section 35(2) (b) of the Estate Tax Act. ... Basically, the issue resolves itself into how wide an interpretation should be given to the words ‘ for or incident to residence in Canada’’. ... I. do not believe that we can get away from the fact, however, that it is the wording of that section that must be interpreted and it cannot be extended beyond whatever property is covered by the interpretation of the words ‘ ‘ for or incident to’’. ...

Horn was able to point to several authorities listed hereunder wherein provision made in respect of cash discounts was referred to as a reserve: Finney & Miller, Principles of Accounting Intermediate, 5th ed., p. 211; Smails and Walker, Accounting Principles and Practice (1947), p. 135; Spicer & Pegler, Bookkeeping and Accounts, 11th ed., ce. 4, p. 74. ... At page 159 under the title of ‘‘True Reserves’’ the same author states: ‘ ‘ The creation of an asset valuation allowance or a provision for a liability represents an expense of earning revenue; it effects a reduction of proprietorship (in the form of net profit) and is reflected in a reduction of assets or increase in liabilities. ... Although advocating method (b) as representative of good accounting, when asked by his counsel: ‘ Would you say it is generally accepted accounting practice?’’ ...

There are observations by noble and learned Lords in Bwllfa & Marthyr Dare Steam Collieries (1891) Ltd. v. ... Bairstow (supra), Lord Radcliffe also said: ‘ There remains the fact which was avowedly the original ground of the commissioners’ decision—‘this was an isolated case’. ... I find that the appellant’s securing the first transaction option and his assigning it to the company at a profit, standing by itself, constituted an adventure in the nature of trade or business and that the second, third and fourth transactions definitely establish a course of conduct indicating a continuance of that trade or business. ’ ’ The appeal will be dismissed with costs. ...

" " No doubt this opinion was expressed obiter in the course of the judgment, but I agree with it. ... VIT, ¢. 8, which contains no provision similar to Section 19 of the (Canadian) Income War Tax Act. ... Atlantic & Lake Superior Railway Co. (1911) 39 Que. S.C., 127; Cushing v. ...

According to the evidence of the respondent’s manager the only difference in the procedure followed in making a sale in the respondent’s place of business was the handing to its patrons and customers an invoice carrying the words ‘ ‘ This is an interim charge’’. ... The Saskatchewan Co-operative Wheat Producers, [1930] S.C.R. 402; [1928-34] C.T.C. 47, in the following words: ‘ * The basis of chargeability to income tax is the operation of a trade or business giving rise to a profit.’’ ... His authority to do so is contained in Section 47 of the Act, which reads as follows: ‘ ‘47. ...

Pit #3 Pit #4 Pit #7 Pti #5 East Side Entwistle Lands Clover Bar Lands Lands Sand & Gravel (1960) Ltd. — $19,888.61 $ 67,538.48 $107,289.82 — Clover Bar Land Co. ... In the case of timber limits, similarly to the case of industrial mineral mines, the ‘ residual value ’ ’ of the property is deducted from the capital cost of the limit in fixing the rate basis for the amount of deductible capital cost allowances. ... The appellant also, as of January 31, 1962, transferred all its assets to Twin Bridges Sand & Gravel (1960) Ltd. ...

And Section 127(1) (e), later Section 139(1) (e), defines business as follows: “(e) ‘business’ includes a profession, calling, trade, manufacture or undertaking of any kind whatsoever and includes an adventure or concern in the nature of trade but does not include an office or employment; ’ ’ The distinction between profits that are subject to income tax and those that are not, together with the test to be applied in determining on which side of the dividing line they fall, was clearly stated in the well-known case of Californian Copper Syndicate (Limited and Reduced) v. ... ’ ’ The italics are mine. In the Spencer case (supra) I had occasion to refer to the decision of Cameron, J., in the Cohen case because of the difficult situation that had arisen due to the fact that the Income Tax Appeal Board had allowed so many taxpayers’ appeals in the belief that it was bound to do so by reason of the decision in that case and I expressed the following opinion, at page 124: “it is plainly erroneous to regard the decision in the Cohen case as an authority governing the determination of the issues in the appeals from decisions of the Income Tax Appeal Board to which I have referred or as laying down a pattern of principles of general application in cases where a person had purchased mortgages at a discount or acquired them with a bonus and realized profits from them at their maturity. ... It was based on a conclusion reached by Cameron, J., as the result of inferences that he drew from the facts as he viewed them and its applicability is restricted accordingly. ’ ’ The remarks that I made in the Spencer case (supra) relating to the Cohen case are as applicable in this case as they were in that one, and are incorporated in these reasons without repetition of them. ...