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Burrows was the owned of some of these horses and gave him a third interest in them in consideration of his taking care of them between seasons. ...

Nor was any consideration given to charging interest to the subsidiary on advances made by the respondent. ...

The balance of the consideration for the purchase of your various assets by the personal corporation would be carried in an open account payable to you; this is the most flexible method. ... All such alternatives and details could only be dealt with in the light of the wishes of the interested parties and after thorough and complete discussion and consideration. ... *This price is price as based on capital stock issued for a consideration of $1.00 of which only 10 cents has been paid up. ...

The assets and liabilities of Brantford Coach and Body Limited were disclosed in its financial statement for December 31, 1963 and 1964 and can be summarized as follows: Assets Cash accounts receivable $2,703,398 Inventory... 2,724,920 Plant and Equipment less depreciation — 775,082 Other 696,052 $6,899,452 Liabilities $3,138,577 Deferred income tax.A. 74,470 Capital contributed 700,000 Earned surplus 2,986,405 $6,899,452 The sale price to Novo Industrial Corporation was allocated in the books of Brantford Coach and Body Limited as follows: The outstanding shares of Brantford Coach Realty Limited $ 329,946 Fixed assets other than real property, 457,017 Inventory of work in progress and raw materials required to complete work in progress 652,496 Intangible assets 10,000 Total $1,449,459 The consideration received by Brantford Coach and Body Limited from Novo Industrial Corporation was, (1) by cash payment $1,192,743.00 (2) by assumption of liabilities 296,716.00 $1,449 459.00 The agreement of sale between Brantford Coach and Body Limited and FRP Products Limited, which latter company was dormant and possessed of negligible assets, as vendors and Novo Industrial Corporation as purchaser was executed on May 21, 1965. ... In the fall of 1965 Deltona of Canada Limited sold lands it owned in the Province of Quebec and in the city of Ottawa for the respective considerations of $277,500 and $160,000. ... Accordingly it is a fair inference that following the sale of the business of Brantford Coach and Body Limited to Novo Industrial Corporation on May 21, 1965 that the directors of the appellant began serious consideration of ways by which the investment could be paid to the appellant without attracting tax or so as to attract the minimum tax both in Canada and the United States. ...

In the Atlantic Sugar Refineries case, the expression “adventure or concern in the nature of trade’’ was, of course, not in the statute under consideration. With these considerations in mind, I propose to deal first with the nature of the licences in question and thereafter to consider the objects with which the appellant acquired them and what it was that the appellant did with them. ... In each case, the licence covers an area of approximately one square mile and, by it, in consideration of an annual renewal fee and a royalty on the timber taken, the holder is authorized to cut, fell, and carry away timber upon all the particular tract of land described in the licence. ...

In the Atlantic Sugar Refineries case, the expression ‘‘adventure or concern in the nature of trade’’ was, of course, not in the statute under consideration. With these considerations in mind, I propose to deal first with the nature of the licences in question and thereafter to consider the objects with which the appellant acquired them and what it was that the appellant did with them. ... In each case, the licence covers an area of approximately one square mile and, by it, in consideration of an annual renewal fee and a royalty on the timber taken, the holder is authorized to cut, fell, and carry away timber upon all the particular tract of land described in the licence. ...

C.R. 45; [1958] C.T.C. 345, in each of which particular statutory provisions relating to the computation of income from an office or employment were under consideration, have no application and indeed none of these cases was relied on as governing the present case. ... J. also appears to me to have had the same consideration in mind when he observed at page 465: The appellant could, if he liked, carry on the whole of his profession in London, though he certainly could not do so at Whipsnade if only for the reason that the Courts of the Chancery Division do not sit there. ...

I do not think that a seller’s intent in selling a product, although it is a factor, is a controlling consideration that determines whether the product is exempt from tax under the section. ... But even if the seller’s intent is the controlling consideration, the suppliant’s intent, Judging from its advertising, is to sell Sucaryl to any and all persons, as a. substitute for sugar, whether or not they are healthy and whether or not they have any need to restrict their use of sugar or their weight, which in my opinion does not contemplate sale principally for use in the treatment, mitigation or prevention of a disease, disorder, abnormal physical state, or the symptoms thereof, and puts Sucaryl outside the exempting provision. ...

., 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”.! ... It isaclear, however, that: if respondent is assessed for the full recaptured capital cost allowance arising out of the sale of the first property during the year, and the undepreciated capital cost of the property acquired is not to be reduced by this amount, it is entitled to claim such capital cost allowance as the Act and Regulations permit on the whole amount of the capital cost of the property acquired, instead of on the reduced amount used in its return as the result of thé application by it of Section 20(2) of the Act, without taking into consideration Section 1101(1) of the Regulations: and, therefore, a re-assessment is necessary, as the Minister. concedes. ...

We are now, however, dealing with a situation where the taxpayer has now taken a second bite which now happens to be sufficient to make one conclude or infer that having sold a similar right at a profit a few months before, he saw from this previous experience a possibility of a similar quick profit and was, therefore, motivated here when the option was signed by considerations of a business or trading nature. ... From a consideration of the above circumstances and the totality of the factors concerning this transaction, I must. conclude that it has not succeeded in destroying the above assumption by establishing as it had to that it did not when it acquired its rights under the option, intend to sell these rights at a profit. ...