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Disons encore que, le 16 septembre 1950, l’appelant obtenait de la firme Jarry & Fréres Ltée, une sous-agence pour la vente d’automobiles Ford et Monarch, incident sans grande importance sur la décision du litige. ... A titre d’exemple, je citerai ce passage commençant au bas de la page 7 du mémoire de l’appelant: “ Ainsi, en 1950, cinq des contrats et taxis vendus durent être repris, dont deux de ces contrats deux fois; en 1951, six durent être repossédés, enfin, en 1952, deux furent repris.” ... VI, c. 52), répond: “11.... que les profits découlant des susdites ventes et plus particulièrement ceux réalisés par l’appelant durant les années d’imposition 1950, 1951 et 1952, soit $28,579.84, $18,394.48 et $6,078.06 respectivement, constituaient un revenu de l’appelant pour lesdites années au sens des articles 3 et 4 de ladite loi. ’ ’ A l’audition, les procureurs de l’intimé convinrent, et c’était un truisme, que l’appelant, comme tout contribuable, pouvait disposer avantageusement de ses 21 taxis, et que la conjoncture d’un profit ou d’une perte n’informait pas, au regard du statut, la nature d’une transaction. ...

Le savant Juge décida que: “... the sale of the property for profit was one of the several alternative purposes for which the property was acquired, and it was in the carrying out of that alternative purpose, when it became clear that the preferred purpose was unattainable, that the profit in question was made. ... L’honorable Juge Judson, rendant l’arrêt de la Cour suprême du Canada (le Juge Cartwright dissidant), statua que: ‘ Throughout the existence of the appellant company, its interest and intentions were identical with those of the promoters of this scheme. ... These cases must all depend on their particular facts and there is no analogy between the sale of long-held bona fide capital assets, as in the Sutton Lumber case, and the realization of a profit from this speculative venture in the nature of trade. ’ ’ Une dernière citation, extraite du traité de Hannan and Farnsworth intitulé: The Principles of Income Taxation, p. 186, semble bien au même effet que les décisions ci-haut rapportées: ‘Where a company has been formed for the purpose of acquiring real property and turning it to account—whether by holding the property and deriving rents therefrom, or by disposing of it to advantage—the courts in this country (England) lean strongly to the view that the whole of the company’s activities amount to the conduct of a business. ...

En 1952 la paragraphe (4) de l’article 3 a été abrogé et remplacé par le suivant, S.R.C. 1952, article 2(3), ¢. 317, savoir: “3. (4) Lorsqu’une personne décédée avait lors du décès un pouvoir général de désignation concernant des biens ou de disposition de biens, il est censé exister une succession à l’égard de ces biens, et la personne y ayant droit et le de cujus sont respectivement réputés le ‘successeur’ et le ‘prédécesseur’ à l’égard des biens.” ... Et enfin: “Pour qu'aucun doute n’existe sur mes réelles intentions, je veux et entends que mon dit époux dispose de mes biens, comme il l’entendra, ne devant compte à personne. ’ ’ Il me semble que cette dernière clause fait disparaître tout doute, si doute il pouvait y avoir, sur l’intention de la testatrice de donner à son légataire universel un pouvoir général de disposition des biens légués. ... Les termes ‘‘... dispose de mes biens comme il l’entendra” n’imposent pas une disposition spécifiée ou limitée des biens: elle peut se faire soit par acte entre vifs, soit par testament, ou des deux manières à la fois. ...

I have examined no records in that regard. ’ ’ Ogilvie agrees that in his review of whatever records were shown to him he could find no traces of arrangements between Direct Lumber or Sylvan Lumber and the appellant (cf. ... & L. (meaning probably Proprietorship and Liabilities)-. $28,000 Cr. ... & G. 551; 41 E.R. 1379; Hancock v. Watson, [1902] A.C. 14; Adamson v. ...

ABRAHAMS AND ENCYCLOPAEDIA BRITANNICA LIMITED ASSETS PURCHASED Britannica House—Cash $ 24,838.33 Construction in Progress 74,458.55 $ 99,296.88 Accounts receivable from Encyclopaedia Britannica of Canada Ltd. (value of $208,875.30) 5,000.00 Land $ 75,000.00 Buildings 150,000.00 Furniture and Fixtures 135,000.00 $360,000.00 Automobile 7,330.58 372,330.58 $471,627.46 LIABILITIES ASSUMED Mortgage payable 42,000.00 Rainy Day Savings Fund—Payable 65,391.85 Due E. ... Abrahams and Encyclopaedia Britannica Sales Limited ASSETS CURRENT Cash on hand and in bank $ 24,838.33 Accounts receivable 5,000.00 $ 29,838.33 Fixed Land $ 75,000.00 Buildings 150,000.00 Furniture and Fixtures 135,000.00 Automobile 7,330.58 Construction in progress 74,458.55 $441,789.13 $471,627.46 LIABILITIES CURRENT Mortgage payable (see note 1) $ 12,000.00 LONG Term Mortgage payable (see note 1) $ 30,000.00 Rainy Day Savings Fund 65,391.85 Due E. ...

Williams & Sons Limited certain lands and buildings in Regina for $850,000, of which $506,000 was for the buildings. ... Williams & Sons Limited but the Minister in his assessment allowed a deduction of only $4,936.05, basing his allowance on the cost of the buildings to R. ... Williams & Sons Limited, and added the difference back to the amount of taxable income reported by the respondent in its return. ...

Nor was it contemplated by Section 1201 of the Regulations that the expression ‘‘ where the taxpayer operates an oil or gas well ’ ’ should confine its benefit to the operator of a single well. ...

Leveque — Transaction in Shares of Redwater Leaseholds, Ltd.”, “R. P. Leveque — Transactions in Shares of Roxboro Oils, Ltd.” and “R. P. Leveque — Transactions in Trans-Empire Oils, Ltd.” ... The total market value of the securities: held: by the firm against this account was $246,317.21 as follows: ’ ’. ...

The following figures relating to his income were put in evidence: Investment Farming Farming Year Income ncome Profit Loss 1942 $15,706.00 $ 565,67 1948 15,030.24 $ 528.98 1944_. 15,187.38 1,570.08 1945...... 14,784.56 2,616.61 1946 15,264.97 170.29 1947 16,726.04 314.72 1948 17,278.57 238.04 1949 16,541.47 1,386.19 1950 15,800.71 260.60 1951 14,878.89 3,674.32 1952 14,238.12 4,898.80 1953 9,297.23 6,539.19 1954 11,062.64 4,851.77 In computing his income for 1953 and 1954 for the purposes of the Income Tax Act, Mr. ... Bruce, [1915] A.C. 483 at 444, “... on ordinary principles of commercial trading, by setting against the income earned the cost of earning it’’. ... With the exception of its last and negative sentence: ‘‘ Neither of those limitations, etc.”, this presentation of the issue would seem quite correct; my opinion is that no other one could be reasonably entertained. ...

This change amounts to approximately a 6% discount on a present day basis. ’ ’ As appears in the following resolution, which was also passed by the appellant company, it was resolved that the company go into voluntary liquidation after this sale was completed. ... Previous Taxable Income $ NIL Add: Profit on sale of Hat Creek Coal Mine as follows: Sale proceeds Cash 1,570,000.00 320,000 shares of Van-Tor Oil and Explo rations Ltd. @ quoted market value Feb ruary 9,1960—$0.51 each 163,200.00 $1,7338,200.00 Less: Initial cost of mine at fair market value $110,499.83 Development and carry- ing expenses 13,504.49 124,004.32 Revised Taxable Income $1,609,195.68 The 814¢ value of the shares appears to have been determined by the Minister by using the purchase of the shares in the appellant company contained in paragraph 7 of the agreement dated January 13, 1947, Exhibit A-16, between St. ... M.N.R., [1960] S.C.R. 902; [1960] C.T.C. 384, Judson, J. stated at pages 905, 388: ‘‘ There is no doubt that the primary aim of the partners in the acquisition of these properties, and the learned trial judge so found, was the establishment of a shopping centre but he also found that their intention was to sell at a profit if they were unable to carry out their primary aim.” ...