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The Minister, however, regarded the amounts as ‘‘ ‘Taxable Income’ in the hands of Exceutor’’ and assessed tax thereon accordingly. ... Thus in the Royal Trust case, Anglin, C.J.C. said at pp. 489, 81: ‘“ Whether the word ‘trust’ means a person or body holding the property, or distributing the trust estate, or means the property itself, or means the trust upon which such property is held, is quite immaterial in view of what is said above. ... I do not think it is.’ ” ...

It held a large number of shares of the capital stock of James Richardson & Sons Ld., a grain company in which Mr. ... Richardson’s principal business was the grain company of James Richardson & Sons Ld. He had transferred to Interprovincial the stock which he owned in James Richardson & Sons Ld. and he had suggested to his relatives that they also transfer to Interprovincial their holdings in James Richardson & Sons Ld. ...

By this argument it is sought to bring the case within the decision of the Court of Session in Samuel Jones & Company (Devondale), Ltd. v. ... ‘One phase of the distinction between capital and revenue is presented by the terms ‘ ‘‘capital expenditure” and ‘‘revenue expenditure’’. ... May, Financial Accounting, p. 45.) ” I need not comment on this opinion of Professor Smails except to state that it does not warrant the interpretation placed thereon by the witness Clark. ...

Section 70 of the Act which deals with the taxation of nonresident-owned investment corporations occurs in Division H entitled ‘‘ Exceptional Cases and Special Rules’’. ... Dividends $ 5,852.00 Bond Interest 57,368.75 Premium on Exchanges 11,698.64 Profit on Sale of Investments 1,376.34 Sundry Interest- 3.70 $76,299.54 and under Expenditures the following: Interest Bond charges and Brokerage fees $22,700.15 Miscellaneous expenses 174.34 $22,874.49 The Minister’s case for disallowing the deduction of the interest in question is that the amount in question is interest on the respondent’s ‘‘securities or other indebtedness’’ within the meaning of the prohibition of Section 70(1). ... In the present case, the material before the Court, in my opinion, does not show that the indebtedness in respect of which the interest in question was paid falls outside the meaning of ‘ ‘ othei* indebtedness’’ in Section 70(1) as so interpreted. ...

Exhibit 3 is an agreement dated April, 1952, and by its provisions the individuals who were then members of the two syndicates above mentioned, agreed to join together in a new syndicate to be called the ‘‘ Drumheller Leaseholds’’. ... On April 25, 1952, the new Syndicate gave to one Louis Diamond of Calgary a 15-day option ‘ on the petroleum and natural gas rights’’ in all its properties (Exhibit 8). ... ’ ’ In Sutton Lumber and Trading Co. Ltd. v. M.N.R., [1953] 2 S.C.R. 77 at 83; [1953] C.T.C. 237 at 244, Locke, J., in delivering the judgment of the Court, said: “The question to be decided is not as to what business or trade the company might have carried on under its memorandum, but rather what was in truth the business it did engage in. ...

Discussions were held with Murray & Company, Limited, mortgage brokers, and verbal assurance was received that a minimum mortgage of $250,000 was available from the North American Life Assurance Company if the building were leased to the extent of 60% of satisfactory tenants. ... It was previously understood from negotiations on behalf of the Company by Murray & Company Limited, mortgage brokers, that no commitment would be given until after November 1,1957. ... Section 139. (1) ‘‘In this Act, (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 issue in this appeal is whether the profit realized from the sale of the property by the Company to Kopel Investments Limited was income from a business within the meaning of Sections 3, 4 and 139(1) (e) of the Act. ...

Such Classes of Subjects as are expressly excepted in the Enumeration of the Classes of Subjects by this Act assigned exclusively to the Legislatures of the Provinces. 4 " And any Matter coming within any of the Classes of Subjects enumerated in this Section shall not be deemed to come within the Class of Matters of a local or private Nature comprised in the Enumeration of the Classes of Subjects by this Act assigned exclusively to the Legislatures of the Provinces. ‘ "‘92. ... Smith, who delivered the judgment of the Judicial Committee of the Privy Council, said (p. 836):— ‘ " The general scheme of the British North America Act with regard to the distribution of legislative powers, and the general scope and effect of sects. 91 and 92, and their relation to each other, were fully considered and commented on by this Board in the case of the Citizens Insurance Company v. ... (the Assignments & Preferences Case), [1894] A.C. 189, and A.-G. Ont. v. ...

The near totality of ties are, after delivery to the defendant, expedited to the Domtar plant at Delson, Quebec, where they are subjected to a preservative creosoting process by the Reuping or ‘ empty-cell method’’. ... The King, [1945] C.T.C. 245; Watt & Scott (Toronto) Ltd. v. The King, [1945] C.T.C. 259; Tees & Persse Ltd. v. ... McNutt, supra, that ‘‘the process of creosoting the ties cannot in any sense be considered manufacturing ’ ’. ...

M.N.R., 29 Tax A.B.C. 190, when a majority of the full Board as it was then constituted, although it dismissed the appeal, gave very full and complete consideration to the possibility that Section 1101(1) of the Regulations might be ultra vires although this argument had not been raised before them, and reached the conclusion that this was an issue " which might well be dealt with if either of the parties considers it advisable to proceed to the Exchequer Court by way of appeal”.! ... Section 20(5) (e) defines " ‘ undepreciated capital cost’’ to a taxpayer of depreciable property of a prescribed class for the purposes of Section 20 " ‘ and regulations made under paragraph (a) of subsection (1) of section 11”. ... Touzeau and the reasons therefor, I have reached the conclusion that Section 1101(1) of the Regulations is a proper exer- cise of the implied power to prescribe classes by Order in Council within the scope of the enabling power of the Income Tax Act, and while it does limit the effect of Section 20(2) of the Act in the situations to which it applies, it is not in contradiction to this section and hence is not ultra vires. / Having reached this conclusion, appellant’s appeal must succeed but the Minister has agreed, in this event, to reconsider and, if necessary, re-assess respondent’s income for 1963 in order to allow respondent such further capital cost allowance under Section 11(1) (a) of the Income Tax Act as it may; claim and the Minister may permit on the ‘basis that Section: 1101(1) of the Regulations i is intra vires. ...

Henry Schroder & Co., London, of approximately $770,000, a substantial part of which was in blocked sterling. ... Henry Schroder Banking Corporation — were not readily marketable, paid no interest, and represented about one-half of the total assets. ... From the capital structure of the company and the nature of the debentures which bore no interest and which ran for 41 years, it is apparent, I think, that the result of the issue of the debentures in that particular form — if not one of its purposes — was to make the debentures non-marketable to the general public. ...