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THAT this Agreement and everything herein contained shall enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors, and assigns. ’ ‘ Annexed to this agreement is a ratification reading as follows: " We, the undersigned holders of Preference Shares in the Capital Stock of UNITED SERVICE CORPORATION LIMITED, hereby ratify, sanction and confirm the attached agreement dated the ‘9th’ day of December, A.D. 1944, made between the said Company and Fred C. ... Attached to the note in question is a document entitled ‘ " Conditions ‘ the only provisions whereof offering any interest in the present case read thus: "‘1. ... Plaxton and Varcoe, in their Treatise on the Dominion Income Tax Law, second edition, make the following comments (p. 168): "" Received and Accrued. ...

.- ” (Here follow the names of particular legatees.) “_; and the then rest, residue and remainder of my Estate and property to the following persons 7?’ ... Subsection (4) of Section 3 of the Act, on which the respondent mainly rests his case, states: ‘“ W a deceased person had at the time of death a general power to appoint or dispose of property, there shall be deemed to be a succession in respect of such property and the person entitled thereto and the deceased shall be deemed to be the ‘successor’ and ‘predecessor’ respectively in relation to the property. ’ ’ I think it is of first importance to determine if Mrs. ... With immaterial words omitted, the passage in the will concerning them is as follows: “... to the extent that my wife has not during her lifetime disposed of the residue of my Estate... ...

To facilitate a proper understanding of this question, it is thought advisable to recite the actual language of the Bond, which reads as follows: ‘ 1 Series—T ‘*No. H071813 "CANADA’S VICTORY LOAN, 1918 $ $ “Dominion of Canada "‘War Loan. “15 years 512 Gold Bond. ...

Smith’’ This letter carried the following notation in the appellant’s handwriting: ‘ * Completed June 1st/53 R. ... SMITH, of Halifax, in the County of Halifax, Corporation Executives, hereinafter called the ‘Buyers’, Of The One Part, — and — RALPH P. BELL, of Murder Point, Martin’s Point, in the County of Lunenburg County, Corporation Executive, hereinafter called the ‘ Seller ’ Of The Other Part. ...

., supra, at pp. 39, 44, the President said: ‘ The essential limitation in the exception expressed in Section 12(1) (a) is that the outlay or expense should have been made by the taxpayer ‘for the purpose’ of gaining or producing income ‘from the business’. ... In our view, this is sufficient to eliminate [Section 5(1)) (f) I of the Act as supporting the appellant’s contention.’’ and Rand, J. said at pp. 455, 141: ‘ The question is whether the items deducted are travelling expenses ‘in the pursuit of a trade or business’; or ‘disbursements or expenses wholly, exclusively and necessarily laid out or expended for the purpose of earning the income.’ and in my opinion they are neither. ... It follows that the words of Section 12(1)(h) ‘‘in the course of carrying on his business’’ must be taken to modify “incurred” and hence require that the expenditure be ‘ ‘ incurred by the taxpayer in the course of carrying on his business’’, and therefore exclude a deduction of the expenses in question which are not “in the process of earning the income’’ as not a performance of any undertaking in the agreement. ...

The statute defines a personal corporation as follows:— "S. 2 (i) Personal corporation means a corporation or joint stock company (no matter when or where created) controlled directly or indirectly by one person, who resides in Canada, or by one such person and his wife or any member of his family, or by any combination of them, or by any other person or corporation on his or their behalf, whether through holding a majority of the stock of such corporation, or in any other manner whatsoever, the gross revenue of which is to the extent of one quarter or more derived from one or more of the following sources namely:— "‘(i) From the ownership of or the trading or dealing in bonds, stocks or share, debentures, mortgages, hypothees, bills, notes or other similar property; " (ii) From the lending of money with or without security, or by way of rent, annuity, royalty, interest or dividend, or (iii) From or by virtue of any right, title or interest in or to any estate of trust;’’ The manner of assessing the income of a personal corporation is defined by s. 21 of the Act, which in part is as follows:— "21. ... " (3) The value of the property transferred by each shareholder or his predecessor in title shall be the fair value as at the date of the transfer of such property to the corporation, and the total value of the property of the corporation acquired from its shareholders shall, for the purpose of determining the percentage referred to in the last preceding subsection, be taken as at the date of acquisition thereof by the corporation; and in ascertaining values under this subsection, regard. shall be had to all the facts and circumstances, and the decision of the Minister in that regard shall be final and conclusive. ‘ ’ Mr. ...

The second appeal is in respect of land in Halifax referred to as the ‘ ‘ Piercey property ’ ’. ... Johns at cost, $60,000, to Gelinas & Dabbin, for stores construction; and a sale in Halifax at cost, $17,000, to Capital Realties. ...

It was further stipulated (para. 20), in order to prevent the loss of any fraction of the rental price, that ‘‘... ... At page 61, the deponent asserts: ‘‘ Yes, it took from three to five months to rent the premises... this was a normal period under the circumstances’’. ... When the mortgage had run but 15 months (instead of 36) ‘ ' the mortgagor on arranging a sale of the... property requested a release of the mortgage’’. ...

The letter contained the following statement: "‘When the Statement of Particulars was prepared on December 6th last, this claim was well within the 10% of Capital set up in accordance with the Rulings at that time, but the later amendment of the Act disallows Depreciation from which no benefit is derived thus reducing the Capital by $182,230.63 which was the depreciation for seven years, 1929 to 1935, inclusive, when the losses were in exeess of the depreciation. ’ ’ It also repeated that the appellant had sustained operating losses for 10 years up to the end of 1938 and said that these were in excess of the remaining capital employed after disallowing depreciation from which no benefit was derived, and that in view of this they were instructed by the appellant to "‘maintain its claim of $45,000.00 as a standard profit, as under the amended Act a reasonable amount is not available either on average profits or the remaining capital employed’’. ... On December 22, 1941, the Commissioner of Income Tax re- ferred the appellant’s application to the Board of Referees as follows: " " The Secretary, Board of Referees, Excess Profits Tax Act, Ottawa. ... In due course you will pleases advise us of the conclusions of the Board. ‘ ‘ It does not appear whether the letter of November 4, 1941, was referred to the Board or not, unless it is included in the “financial statements” mentioned in the reference. ...

In the auditor’s report dated May 7, 1956, attached to the financial statements of the appellant for the year ending March 31, 1956 the amount of $400,000 was dealt with in the following terms: ‘ ‘ Results for the year The operations of underwriting and miscellaneous trading resulted in a profit of $4,168,124.91, from which has been deducted a provision for market decline or losses of $400,000 and general expenses of $6,918.80.” The balance sheet in the financial statements as at March 31, 1956 contained a reference to the same item on the asset side as follows: ‘‘Marketable securities, valued at the lower of cost or market price $3,886,923.01 Less provision for market decline_ 400,000.00 $3,486,923.01” Counsel for the Minister submitted that the use of the term ‘ provision for market decline ’ ’ indicated that the appellant was setting up a reserve against a possible future contingency which would be prohibited by the provisions of the Income Tax Act. ... Greenwood prepared a document entitled ‘ ‘ Calculation of requirements for reduction to true market value’’ which was introduced as Exhibit 5. ...