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Analysis The first issue involves the determination of the plaintiffs proceeds of disposition and requires the consideration of the following provisions of the Act: Paragraph 13(21)(d) 13(21)(d) “proceeds of disposition” of property includes (i) the sale price of property that has been sold, (ii) compensation for property unlawfully taken, (iii) compensation for property destroyed and any amount payable under a policy of insurance in respect of loss or destruction of property, (iv) compensation for property taken under statutory authority or the sale price of property sold to a person by whom notice of an intention to take it under statutory authority was given, (v) compensation for property injuriously affected, whether lawfully or unlawfully or under statutory authority or otherwise, (vi) compensation for property damaged and any amount payable under a policy of insurance in respect of damage to property, except to the extent that such compensation or amount, as the case may be, has within a reasonable time after the damage been expended on repairing the damage, (vii) an amount by which the liability of a taxpayer to a mortgagee is reduced as a result of the sale of mortgaged property under a provision of the mortgage, plus any amount received by the taxpayer out of the proceeds of such sale, and (viii) any amount included in computing a taxpayer’s proceeds of disposition of the property by virtue of paragraph 79(c); Paragraph 54(h) 54(h) “proceeds of disposition” of property includes, (i) the sale price of property that has been sold, (ii) compensation for property unlawfully taken, (iii) compensation for property destroyed, and any amount payable under a policy of insurance in respect of loss or destruction of property, (iv) compensation for property taken under statutory authority or the sale price of property sold to a person by whom notice of an intention to take it under statutory authority was given, (v) compensation for property injuriously affected, whether lawfully or unlawfully or under statutory authority or otherwise, (vi) compensation for property damaged and any amount payable under a policy of insurance in respect of damage to property, except to the extent that such compensation or amount, as the case may be, has within a reasonable time after the damage been expended on repairing the damage, (vii) an amount by which the liability of a taxpayer to a mortgagee is reduced as a result of the sale of mortgaged property under a provision of the mortgage, plus any amount received by the taxpayer out of the proceeds of such sale, (viii) any amount included in computing a taxpayer’s proceeds of disposition of the property by virtue of paragraph 79(c), and (ix) in the case of a share, an amount deemed by subparagraph 88(2)(b)(ii) not to be a dividend on that share, (ix.l) (Repealed by 1986, c. 6, subsection 27(2).) but notwithstanding any other provision of this Part, does not include (x) any amount that would otherwise be proceeds of disposition of a share to the extent that such amount is deemed by subsection 84(2) or (3) to be a dividend received and is not deemed by paragraph 55(2)(a) or subparagraph 88(2)(b)(ii) not to be a dividend, or (xi) any amount that would otherwise be proceeds of disposition of property of a taxpayer to the extent that such amount is deemed by subsection 84.1(1) or 212.1(1) to be a dividend paid to the taxpayer; and.... ... The second issue concerns the deductibility of interest and requires the consideration of paragraph 20(1)(c) of the Income Tax Act, which provides as follows: Section 20. ...

It is admitted for the estate that it can be taxed in respect of the $14,000; but as to the rest it is said, by the executor, that it cannot, because no one is beneficially entitled to it now, and also because it was not received by the trustees by or on behalf of a person resident out of Ontario; and the learned County Court Judge who stated this case, deeming that he was bound by the ease of the Gibson estate to do so, gave effect, as far as he could, to that contention; but the case is brought here for further consideration. ... I will postpone the consideration of the Gibson decision until I have, unaided, fromed the best opinion I can of the relevant provisions of the Assessment Act, R.S.O. 1914, ch. 195. ...

McMaster’s contention as to the construction of sec. 3, subsec. (6), was correct, but after consideration I have reached the conclusion that the fund is liable to taxation although I realize that the other view is not without force. ... If the object of an enactment had reference to the subject of wills, or the distribution of property, the word "‘contingent’’ might possibly be construed to have a different meaning that the same word would have in a general statute, such as is under consideration, where it should, I think, be construed in a popular and not technical sense. ...

As to the first point submitted for the consideration of the Court, I am of opinion that the proposed tax is an indirect tax. ... In order that he may make a profit and in drawing up his estimates on a contract for the purpose of a tender, the contractor must take into consideration all his outlay for material, labour, freight, insurance and taxes. ...

Cas. 385 also cited before me; and much consideration was given to this case by the Supreme Court of New South Wales in the Hill case. ... Ballarat Trustees, Executors and Agency Co. (1916-17) 22 C.L.R. 212, a case which the Supreme Court of New South Wales followed in reaching their decision. in the Hill case, their Lordships make the following pertinent: observations:_ "A careful consideration of the judgments delivered by the majority of the High Court judges satisfies their Lordships that the decision is based upon the view that a company, when dividing among its shareholders a sum of accumulated profit, is entitled to dictate and determine whether the moneys so received by the shareholder shall, in his hands be deemed corpus or income. ...

Limited owned by the said estate, has received further consideration. ... In the case now under consideration the premium which is sought to be taxed was paid to the appellant. ...

"(5) The assessment history of the property is set forth in Exhibit 6, showing a decline in land assessment from 1915 of $304,500 to 1936 of $48,370. 1 " (6) The assessor has had considerable experience, he has given consideration of comparative values, and has had the benefit of consultation with the leading realty dealers, members of the Real Estate Board. ... " (7) After consideration of the evidence and a view of the property the Board fixes the assessment at $59,570: divided, land $48,370 and building $11,200.’’ ...

I do not think it is possible to say that in the case under consideration the Refinery was the manufacturing agent of Oils Ltd., but it might be argued that Oils Ltd. was merely the selling agent of the Refinery, and in fact that is one of the contentions here made by the plaintiff. ... Again the Refinery did not produce gasoline of the highest standard; the only evidence on the point goes to show that the gasoline produced by the Refinery was of a third grade or standard, and the Refinery claims that this should always have been taken into consideration in ascertaining the current price, and in making the assessment, of its sales of gasoline. ...

The Wilson Company was also empowered to acquire and operate timberlands, to acquire water rights and privileges, patents, patent rights and concessions, to establish and operate stores and hotels and to carry on a general mercantile business, to acquire and operate boats, ships and other vessels, to manufacture fire and building bricks, to take contracts for mining work of all kinds and to accept as the consideration shares, stocks or other securities of any company, to acquire and operate farming lands, and to acquire, hold, sell and dispose of any securities or investments of all classes and description of any company, corporation or trust. ... These investments were assigned and transferred by the appellant Wilson to the Wilson Company by agreement dated September 8, 1931, the consideration therefor being the allotment to Wilson of 45,000 fully paid shares in the Wilson Company. ...

There is an additional consideration which ought not to be overlooked. ... Whatever considerations may have moved Parliament to enact clause (k) of subsection 1 of section 5 in 1930 and 1932, with reference to agreements to pay an annuitant certain sums during his lifetime, can have no bearing, it seems to me, upon the question as to what are proceeds of life insurance policies paid upon the death of the person insured, as mentioned in clause (b) of section 3. ...