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The subsection 3(4) considered in the Smith case was the earlier subsection 3(4), as consolidated in R.S.C. 1952, c. 89, but that, in my opinion, makes no difference for this purpose since that subsection, as well, referred to ‘‘a general power to appoint or dispose of property’’. ... Smith prior to the renunciation was not involved in the judgment of the majority, Fauteux and Judson, JJ., considered that the power which Mrs. ...

Now, both Regulation 20, above quoted, and the tables referred to therein purport to be made for the purposes of Section 34 of the Act, and at the time when they were made and published in December, 1948, Section 34 was still in the same form as it was when considered in Smith and Rudd v. ... Moreover, Regulation 20, as well, is in precisely the same form as the one relied on and considered in that case. ...

The sections of the Income Tax Act to be particularly considered in this matter are Sections 11(1) (c) and 12(1) (c). ... When the term “deemed” is applied, it is generally understood that it gives a meaning to the word or phrase considered which the word or phrase would not have otherwise. ...

What is the line which separates the two classes of cases may be difficult to define, and each case must be considered according to its facts; the question to be determined being— Is the sum of gain that has been made a mere enhancement of value by realising a security, or is it a gain made in an operation of business in carrying out a scheme for profit-making?” ... Kelly that the intention with which a transaction was entered into is a feature that should be considered under the British Income Tax Act. ...

A-5, which I might call ‘the offer for Ville LaSalle and Lake of Two Mountains properties’’, the parties waived the necessity for a future survey and agreed that the quantity of sand on hand at that date should be considered as consisting of 40,000 tons. ... As mentioned previously, the gross profit derived in the form of rents from the McCord Street property, as set out in the said exhibit, can be disregarded and the exhibit need not be considered beyond the point where the Department’s figures show taxable income or gross revenue from the sand business at $90,464.10 and where a corresponding figure shown by the taxpayer amounts to $50,464.10. ...

Counsel for the respondent considered that, among the 31 mortgages with which we are concerned, the maturity date of ten of them was five years, and this statement gives rise to the aforementioned instance which I think calls for some detailed consideration and consequent modification. ... Harris, 5 T.C. 159 at 166, wherein the Lord Justice Clerk observed: “What is the line which separates the two classes of cases may be difficult to define, and each case must be considered according to its facts; the question to be determined being—Is the sum of gain that has been made a mere enhancement of value by realising a security, or is it a gain made in an operation of business in carrying out a scheme for profit-making?” ...

In that case the Court said that in common parlance, the word ‘‘spirit’’ would be considered as comprehending a liquid like ‘‘sweet spirits of nitre’’ which is itself a known article of commerce not ordinarily passing under the name of ‘ spirit”. ... That this is not the case appears by subsections (2) and (3) of Section 121 of the Inter prêt ait ion Act, R.S.C. 1927, c. 158: “ (2) The amendment of any Act shall not be deemed to be or to involve a declaration that the law under such Act was or was considered by Parliament to have been different from the law as it has become under such Act as so amended.” (3) A repeal or amendment of any Act shall not be deemed to be or to involve any declaration whatsoever as to the previous state of the law. ’ ’ I must conclude that the amendment to remove all possibility of ambiguity was, I think, merely declaratory of what was always the true intendment of the previous words. ...

Every other investment I had and which the Bank of Montreal considered was a pretty smart investment portfolio, believe me, I thought was the weeds by the end of 1932. ... What is the line which separates the two classes of cases may be difficult to define, and each case must be considered according to its facts; the question to be determined being—Is the sum of gain that has been made a mere enhancement of value by realising a security, or is it a gain made in an operation of business in carrying out a scheme for profit-making? ...

According to the appellant, he considered this a favourable opportunity to make a property purchase which would be a safer and sounder investment than acquairing, as had been his custom theretofore, ready-built apartment houses. ... With the exception of two apartment buildings, one of which he sold at a profit of $40,650 and the other at a profit of between $60,000 and $70,000 (which sums he considered as capital gains and reported as such), he said that he and his associates had retained ownership of all the apartment buildings that they had acquired. ...

The Company had considered future development of the land which it held. ... I have also considered the ‘‘receivability’’ of the compensation money from the expropriation as the submission of counsel for the respondent appears to be, in regard to both Section 24 of the Expropriation Act and Order-in-Council No. 4253 and the ‘‘Regulations Relating to the Acquisition of Land by Government Departments”. ...