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George Thompson & Co. Ltd. (1927), 13 T.C. 83, the question was whether the respondent company’s business, which consisted of ship-owning and underwriting, constituted one business or two separate businesses. ... George Thompson & Co., Ltd. (1927), 13 T.C. 83, and H. & G. Kinemas, Ltd. v. ...

He was also part owner of KR and $ Insurance Limited together with one Robertson. ... I think that these multitudinous activities fully justify the allegation in paragraph 1 of the notice of appeal that ‘ The Appellant is a football coach and businessman residing in the City of Burlington’’ in the Province of Ontario. ... It will be observed that from April 15, 1964 until the agreement dated December 8, 1964, there was no written agreement between the appellant and the Company but in that interval the appellant did act as the general manager of the Company and in my view the evidence confirms the allegation in paragraph 6 of the notice of appeal that, ‘‘ Under an oral agreement made in the month of April, 1964, which was reduced to writing on December 8, 1964, the Appellant became an employee and general manager of the Company.” ...

In its income tax return for 1952, the appellant’s statement of ‘‘Profit and Loss’’ for the year ended December 31, 1952, adds to its net profit, after deduction of certain expenses, the item ‘‘ As exchange profit on settlement of bank loans in Japan, the sum of $172,927” but claims that it was not taxable income within the meaning of the provisions of the Act. ... Repayments on the overdraft account pursuant to that loan are as follows: 1938 September 200,000 yen October 00,000 “ 1939 January 60,000 March 100,000 °° April 00,000 May 50,000 and so on. ...

Following this report, Parliament by the Appropriation Act, No. 4, 1952, $. of C. 1952, e. 55, s. 8, vote 696, granted a nominal sum “To authorize (a) the Custodian of Enemy Property to transfer to the Minister of Finance such property, including the proceeds and earnings of property, that is vested in the Custodian in respect of World War II as the Governor in Council prescribes, (b) the Minister of Finance to hold, sell or otherwise administer property received by him from the Custodian under paragraph (a) or from other sources by way of reparations by former enemies (except Italy) in respect of World War II, and (c) the Minister of Finance to establish a special account in the Consolidated Revenue Fund to be known as the War Claims Fund, to which shall be credited all money received by him from the Custodian under paragraph (a) or from other sources by way of reparations by former enemies (except Italy) in respect of World War II, the proceeds of sale of property under paragraph (b), the earnings of property specified in paragraph (b) and amounts recovered from persons who have received overpayments in respect of claims arising out of World War II; and, notwithstanding section 35 of the Financial Administration Act, to provide for payments out of the War Claims Fund in the current and subsequent fiscal years, in accordance with regulations of the Governor in Council, to persons who claim compensation in respect of World War II for the payment out of the War Claims Fund in the current and subsequent fiscal years of expenses incurred in investigating and reporting on claims of those persons and for the repayment out of the War Claims Fund to Vote 128 (miscellaneous minor and unforeseen expenses (of all amounts that have been paid out of that Vote pursuant to The War Claims Interim Compensation Rules established by Order in Council, P.C. 667 of February 4, 1952.”’ ... By regulation 5, it was provided that ‘ No right to payment is conferred by these regulations”. ... That Act simply authorized ‘‘ payments” to particular persons in accordance with regulations to be made. ...

Then Section 3 provides, inter alia, that such income includes income for the year from all businesses and Section 4 goes on to say: ‘ 1 4. Subject to the other provisions of this Part, income for a taxation year from a business or property is the profit therefrom for the year. ’ ’ It was contended for the appellant that the profit made by it was not a profit from its business. ...

Ross & Robinson, solicitors for the Standard Life Assurance Company to Harte Realty Company, the said application was accepted subject to the terms and conditions stated in said letter and the further conditions stated in a letter dated the 21st day of March, 1963 from Messrs. Ross & Robinson to Harte Realty Company. 20. The conditions set forth in both letters were accepted by Harte Realty Company on the 23rd day of March, 1963 and the 25th day of March, 1963, respectively. 21. ... Ross & Robinson a cheque in the sum of $9,150.00 being the deposit required as one of the conditions of acceptance of the application for a mortgage. 22. ...

.* [3] I have also reproduced by way of footnote Section 3(5) (a) [4] t which sets forth the badges of ‘ ownership ” of a policy of insurance for the purposes of Section 3(1)(m). ... For these reasons the appeal is allowed with costs and the assessment is referred back to the Minister for re-assessment accordingly. 1 *S.C. 1958, c. 29. 2 73. (1) There shall be included in computing the aggregate net value of the property passing on the death of a person the value of all property, wherever situated, passing on the death of such person, including, without restricting the generality of the foregoing, (c) property disposed of by the deceased under a disposition operating or purporting to operate as an immediate gift inter vivos, whether by transfer, delivery, declaration of trust or otherwise, made within three years prior to his death; £58. (1) In this Act, (s) “value”, (ii) in relation to any other property, means the fair market value of such property, computed in each case as of the date of the death of the deceased in respect of whose death such value is relevant or as of such other date as is specified in this Act, without regard to any increase or decrease in such value after that date for any reason. 3 *3. (1) There shall be included in computing the aggregate net value of the property passing on the death of a person the value of all property, wherever situated, passing on the death of such person, including, without restricting the generality of the foregoing, (m) any amount payable under a policy of insurance effected on the life of the deceased (whether or not to a preferred bene ficiary within the meaning of any statute or law relating to insurance applicable to such policy), where such policy was immediately prior to the death of the deceased, (i) owned, either alone or jointly or in common with any other person, (A) by the deceased, 4 73. (5) For the purposes of paragraph (m) of subsection (1) (a) a reference to a policy of insurance owned by any person includes a reference to a policy of insurance in which that person had such an estate or interest or in relation to which he had such a general power as would, if he were sui juris, have enabled him either alone or in concert or by arrange ment with any other person to do any one or more of the following things: (i) change the beneficiary, 5 *4. (1) Notwithstanding section 3, there shall not be included in computing the aggregate net value of the property passing on the death of a person the value of any such property acquired pursuant to a bona fide purchase made from the deceased for a consideration in money or money’s worth paid or agreed to be paid to the deceased for his own use or benefit, unless such purchase was made otherwise than for full consideration in money or money’s worth paid or agreed to be paid as hereinbefore described, in which case there shall be included in computing the aggregate net value of the property pass ing on the death of the deceased in respect of the property so acquired only the amount by which the value of the property so acquired com puted as of the date of its acquisition exceeds the amount of the con sideration actually so paid or agreed to be paid. 6 * Compare paragraph 7 of the agreed statement of facts, “The purpose for which the deceased give to his wife the cheque for $6,076.50 was to enable her to pay him the sum of $4, 550 (the cash surrender value of the policy)....” ...

Before so doing, it should be said that Louis Reitman, the appellant, in a ‘‘Declaration of Trust’’, dated at Montreal, December 22, 1960, agrees that ‘ Carlingwood Properties Limited, a body corporate and politic, duly incorporated under The Corporations Act of the Province of Ontario...” acts as his nominee and for certain other persons; his own share in the alleged leasehold interest in the said land and premises’’ being one-quarter of 45 per cent (14 of 45%), (ef. ... Justice Noël of this Court handed down, in the matter of Nathan Cohen & Hyman Zalkind v. ... Emphyteusis “carries with it” ownership full and complete of land and buildings in contradistinction to the common law, which the respondent’s learned counsel, unchallenged on that score, repeatedly expounded at the hearing as ‘ automatically vesting the landlord with the ownership of all buildings a lessee may have erected on the land during the life of the lease’’. ...

Expenditures were deducted on the same basis as had been followed in previous years but in this computation for the first time a deduction entitled ‘‘ Bad Debt Expense’’ was made in respect of the debts owing to the partnership, the amount deducted being $2,171. ... The subsection referred to is one of a group of provisions appearing in Part VIII of the Income Tax Act, R.S.C. 1952, c. 148, entitled “Transitional Provisions’’ and it reads as follows: “141. (6) Where, upon the application of a method adopted by a taxpayer for computing his income from a business or property for a taxation year to which this Act is applicable, an amount received in the year would not be included in computing his income for the year because on the application of that method it would have been included in computing his income for the purposes of this Act, The 1948 Income Tax Act or the Income War Tax Act for a previous year in respect of which it was receivable, if the amount was not included in computing the income for the previous year, it shall be included in computing the income for the year in which it was received. ’ ’ It will be observed that while this subsection has application as a transitional provision it is not limited to situations in which on the application of the method the amounts referred to would have been included in computing income for years in which either of the two earlier statutes applied but by its terms applies as well to amounts which on the application of the method would have been included in computing income for an earlier year to which the Income Tax Act itself applies. ...

C.R. 411; [1950] C.T.C. 169, and to Waintown Gas & Oil Co. Ltd., [1952] 2 S.C.R. 377; [1952] C.T.C. 147. ... She incurred no expense in the operations involved and the sales went on for years. ’ ’ In the instant case, the evidence establishes that the respondent from 1957 to and including 1960 sold gravel, and in doing so in the manner I have described I am satisfied that she embarked on a scheme for profit making and engaged in an adventure in the nature of trade. ...