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In consideration of the withdrawal of a lis pendens registered by the appellant it was agreed that McGillivray would convey title to certain properties “of which she has always been the beneficial owner” and McGillivray would cause his solicitor to pay the appellant the sum of $49,647 plus interest which amount was held in trust and which represented partial proceeds from the sale of one of the properties involved. ...

Appeals dismissed. 1 *Subsection 44(4) of the Business Corporations Act, R.S.O. 1970, c. 53 reads: 44 (4) No share shall be issued until it is fully paid and a share is not fully paid until all the consideration therefor in cash, property or services, as determined under this section, has been received by the corporation. ...

The appeals are allowed with respect to the 1978 taxation year and the matter referred back to the Minister for consideration and reassessment on the basis that the assessments of the appellants for the said taxation year have been quashed. ...

The first involves the nature of the income from a business or property and secondly the consideration of the expense being for the purpose of gaining or producing income. ...

I would read from my colleague Judge Bonner's decision in the case of Dartmouth Developments Ltd v MNR, [1979] CTC 2611; 79 DTC 545, wherein he cites with approval, at 2615 (DTC 548): The decision of Jackett, CJ in Les Entreprises Chelsea Limitée v Minister of National Revenue, [1970] CTC 598; 70 DTC 6379, is of importance on one point, in my consideration of the issue here involved. ...

Careful consideration of the evidence leads me to conclude that it does not establish that the appellant was required by the contract of employment to pay certain expenses he incurred. ...

The value of what he acquired in consideration of the debt or obligation is really irrelevant. ...

The consideration for the sale of the shares included a promissory note payable to the plaintiff on demand after December 31, 1976. ...

The matter is remitted back to the trial judge for further consideration in light of the answer given. ...

I believe it can be postulated from that common ground between the parties that (leaving aside other considerations) income tax would have been paid. ...