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The immediate consideration is that of Regulation No. 1201(1). The use of the word “profits” and of the expression ‘‘from the well’’ is, in the general context of the Act, singular, and to me they bear a signification that differentiates them from both “income” and ‘‘wells’’ or ‘‘oil’’. ... It might be that a dry hole is so related to a producing well that its cost, in one sense wasted, could be said to be incurred ‘‘in respect of’’ a profitable second well; that would be a question to be determined on geological and mining engineering considerations. ... The same considerations apply to wells that are operating at a loss; they represent drilling costs under Section 53 that cannot fairly be said to be ‘‘in respect of’’ profitable wells: no depletion can accrue in relation to them because they do not represent a productive value: but on the contention made, the total loss connected with them can be applied to deny depletion to profitable wells and to third persons interested in them. ...

The words "pursuant to an agreement under which it undertook to incur those expenses in consideration for etc. ... If Falconbridge takes it upon itself to spend this money on the property of another and it does so pursuant to an agreement which gives it that right, then the case is within s. 83A(7) if the consideration is as stated in the section. ... In consideration of the transfer, the new company would issue and allot all its shares, 40 per cent to Rambler and 60 per cent to Falconbridge. ...

The words “pursuant to an agreement under which it undertook to incur those expenses in consideration for, etc.” mean no more than this. If Falconbridge takes it upon itself to spend this money on the property of another and it does so pursuant to an agreement which gives it that right, then the case is within Section 83A(7) if the consideration is as stated in the section. ... In consideration of the transfer, the new company would issue and allot all its shares, 40 per cent to Rambler and 60 per cent to Faleonbridge. ...

It is immaterial, in my opinion, that the consideration received by the appellant for her shares happened to reach her directly from the Premier Company and not through the medium of the Security Company. ... (b) But when the old company transferred its assets to the new company, the total consideration should have been received by the old company. (ce) That consideration was $2,611,769. If the new company wished to secure the purchase price by debentures, these should have been issued and delivered to the old company. ...

On that date the companies entered into an agreement in writing for the sale of all the assets of the old company to the new company for an agreed consideration of $1,267,904.44. ... These considerations have no application in considering the meaning to be assigned to the expression in Section 20(2). ... While the arrangements which were carried into effect at the meetings of the two companies on July 4 were made in advance and, no doubt, included settling the consideration to be paid for the depreciable assets, it was the bank and not Sheldon, Jr., either alone, or together with his associates, that was in command of the old company after June 21. ...

The subject matter of that case was the value of land and buildings, and the court took into consideration the revenue producing qualities of the property. ... The other important consideration is that the asset is not a capital asset but income, and therefore subject in the hands of a purchaser to income taxation. ... One, William Reeve, said that the asset would be a very difficult thing to sell as it involved considerations of a [Page 607] highly speculative nature. ...

The subject matter of that case was the value of land and buildings, and the court took into consideration the revenue-producing qualities of the property. ... The other important consideration is that the asset is not a capital asset but income, and therefore subject in the hands of a purchaser to income taxation. ... One, William Reeve, said that the asset would be a very difficult thing to sell as it involved considerations of a highly speculative nature. ...

The appellant is making a single supply of livestock and the commission and disbursements charged are part and parcel of the consideration for that supply. ... Users of the municipal transit service pay fares in consideration for the supply, and are therefore recipients of the supply under the ETA  .  ... However, if the subsidy constituted consideration, then the province would be the recipient of the supply of transportation services, making it a taxable supply.  ...

I mention this in order to make it clear that this question having been withdrawn from our consideration we express no opinion upon it. ... The words “pursuant to an agreement under which it undertook to incur those expenses in consideration for, etc.” mean no more than this. ... In consideration of the transfer, the new company would issue and allot all its shares, 40 per cent to Rambler and 60 per cent to Faleonbridge. ...

Different considerations apply, in my opinion, to the profits realized from the operations under the first contract and any surplus resulting from the operations under the second contract. ... If the company had succeeded in obtaining letters patent which prohibited the pay- ment of dividends completely and, in addition, the retention of any earned income by the company, different considerations, which need not here be considered, would arise. ... It might be that a dry hole is so related to a producing well that its cost, in one sense wasted, could be said to be incurred ‘‘in respect of’’ a profitable second well; that would be a question to be determined on geological and mining engineering considerations. ...