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Paragraphs 18 and 19 of the Statement of Claim in this appeal are: ‘ ‘ 18. ... Smart recouped himself, and repaid Smart & Biggar, at first by depositing in Smart & Biggar’s account the whole of any profits from the Ottawa office of Fetherstonhaugh & Co., and paying no part to F. ... Not all money in the bank account of a partnership is " " income of the partnership’’. ...

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. ...

At page 7, he said: " " The question is whether this is a loss incurred by the taxpayer in the production of his income. ... At page 260, he said: " " Now in this particular case we have come to the conclusion on the evidence, that damage or loss of this kind must be regarded as incidental to the business of stevedoring. ... I think the disbursements are such as are made for that purpose. ’ ’ What is meant is that the disbursement must be made for the purpose of enabling a person to earn the profits in the trade. ...

The only sale effected in 1956 occurred on May 25, when madame Thibeault sold to Coté & Lavigueur Construction Ltée practically all the remainder of the property, amounting to 426,781 sq. ft., for a reported price of $55,000, and, on the profit, was originally re-assessed by the Minister at $27,394.35 (Ex. ... Henri Lavigueur, an officer of Côté & Lavigueur Construction Ltée, testified that his company, for a long time, had been looking for a suitable land on which to build and that the instant property was found as a result of his company’s efforts. ... The efforts made by a woman who lacked business experience to carry out her original intention is in contrast to the ‘ ‘ do little or nothing ’ ’ attitude of the taxpayer in the Day ease, wherein he had more skill, ability and freedom than the respondent to dispose of his property in a manner which best suited his purpose. ...

By an agreement dated April 30, 1956 Islington Park Limited agreed to sell ‘‘Juliana Allonsius (as trustee for a company to be incorporated) ” a parcel of land in Etobicoke Township consisting of 70.377 acres for $703,770 payable in stated payments extending over a period ending on August 20, 1961. ... Allonsius, which was admitted to have been made ‘ in agreement with ’ ’ the respondent contained the following with respect to the Lempicki deposit: ‘ ‘ I, JULIANA ALLONSIUS, hereby acknowledge that attached hereto are unsigned copies of assignments of agreements from Belmont Heights Limited to Ridge Realty Limited and of an agreement between Murray Gruson and myself, together with Harry Evans and Irving Howard, all of which are dated October 7th, 1957. ... The Minister’s position on this issue was that the $125,000 was required to be brought in at the full amount by Section 85B (l)(b) which provides that: “85B (1) In computing the income of a taxpayer for a taxation year, (b) every amount receivable in respect of property sold or services rendered in the course of the business in the year shall be included notwithstanding that the amount is not receivable until a subsequent year unless the method adopted by the taxpayer for computing income from the business and accepted for the purpose of this Part does not require him to include any amount receivable in computing his income for a taxation year unless it has been received in the year;’’ It is, I think, plain that if the $125,000 was an ‘ amount receivable” within the meaning of this subsection at any time in the respondent’s 1958 taxation year it was properly included at its full face amount. ...

Investments Ltd. 725 shares Wood, Gundy & Co. Ltd. 725 International Utilities Corp. 1,000 Canadian Delhi Oil Ltd. 1,250 ‘6 Lehman Brothers 625 Alben & Co.. 625 Osler, Hammond & Nanton Ltd. 50 5,000 N.T. ... Power & Paper Securities Ltd..... 200,000.00 25,000 Nesbitt, Thomson & Co. ... Two of the sponsors of Quebee Gas, Osler, Hammond & Nanton Ltd. and Wood Gundy & Co. ...

Section 1101(3) enacts the following: “ (3) For the purpose of this Part and for the purpose of Schedules C and D (a) a timber limit or a right to cut timber from a limit shall be deemed to be a separate class of property...” ... Subsection (3) of Section 1101 hereunder also bears the specific title of ‘‘Timber Limits and cutting Rights’’: "(3) For the purpose of this Part and for the purpose of Schedules C and D (a) a timber limit or a right to cut timber from a limit shall be deemed to be a separate class of property... ’ ’ I might also mention Section 1102(2) to the effect that: “ (2) The classes of property described in Schedule B shall be deemed not to include the land upon which a property described therein was constructed or is situated.’’ ... In brief, applying Section 20(5)(e)(ii) (supra) the Minister deducted the proceeds of sale from the undepreciated capital cost as it was before the sale and determined that ‘ ‘ the undepre ciated capital cost of property of that class at the expiration of the year’’, deductible under Section 1100(2), was $26,759.30. ...

For the appellant it is contended that the profit so realized was not " * income”, that the purchase of the shares was entered into as an investment, and that the realization of a profit when the shares were sold was merely the realization of an enhancement in value of that investment and therefore a capital gain ‘not subject to tax. The appellant was incorporated in 1930 under the Dominion Companies Act, as "‘Gairdner & Company, Ltd.’’ ... C) and Dominion Malting was to pay to it or to whom it might direct, a commission of five per cent or $32,500.00, but the appellant turned its rights over to its associate—Gairdner & Company, Ltd. ...

Lily Wurtele, ‘‘... during the lifetime of the parties and so long as the plaintiff shall live separate and apart from the Defendant... ” (exhibit 1, para. 4), was delayed until September 16, 1932, when the Local Master of the Court, after stipulating a monthly payment of $600 to the wife, purported to draw up a settlement deal ‘‘... in connection with the existing insurance policies upon the life of the Defendant... ” (ef. exhibit 2, paras. 3 and 4.) ... Next, the Shorter Oxford Dictionary in turn defines “gift” as: ‘ ‘ A transfer of property in a thing voluntarily and without any valuable consideration. ” Black’s Law Dictionary, 4th ed., 1951, lends additional emphasis on the voluntary and gratuitous characteristics of a gift. ... The judgment of the Court was read by Evershed, M.R., who, inter alia, said that: ‘ ‘... ...

On May 22, 1943, the appellant wrote to the Commissioner of Income Tax as follows: ‘ ‘ Saskatoon, May 22, 1943. ... Bowman, Secretary-Treasurer. ‘ ‘ It will be noted that the Board of Referees determined the appellant’s standard profits at exactly the amount which it had requested. ... Stikeman’s submission, as I understood it, was that the subsections of Section 5 must be considered as if they were separate sections, that each gave a right to the taxpayer who came within its ambit, that there was no prohibition against a taxpayer qualifying under more than one subsection, notwithstanding the words " " final and conclusive, ‘ ‘ that consequently a taxpayer who had received an award under subsection 1 was not precluded from making an application under subsection 3 and that the Minister was not precluded from entertaining such an application. ...