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It is alleged that the appellant habitually lived more than six months a year at the cottage and, for tax purposes considered the cottage as his principal residence. ... There can be no doubt that these circumstances are criteria to be considered in deciding whether in transaction is one of trade or of capital. ... There are other essential factors which must be considered. In this appeal, the appellant’s intention or intentions in acquiring the property is very pertinent as is the use to which the appellant actually put the property. ...

There are however certain factors which I believe must be considered in attempting to choose which of their differing opinions is the more realistic fair market value of the subject as at December 31, 1971. ... The third factor would be that the reports are merely opinions of value arrived at by appraisers applying certain recognized evaluation methods to specific information about the property at a given time, considered by the appraiser to be pertinent in establishing its fair market value. ... Mr Penny, in his report, used the price per unit approach; Mr Folstad used the price per square foot method and Mr Hanley, in his report, considered both the “per unit” basis and the “square foot” method and also took into account the residual land approach as well. ...

It would appear that the respondent in assessing the appellant considered this fact and allowed the interest payments on money borrowed to finance capital improvements. ... However I agree with counsel for the respondent in not interpreting Mr Justice Martland’s words as implying that all sales of shares should be considered as being outside the scope of a commercial transaction which can produce taxable income. ... The price that the appellant may have paid for the shares though not irrelevant to the issue cannot in my view be considered as a meaningful indication of the appellant’s intention in acquiring the shares. ...

He indicated that all the appellants were on what he considered sabbatical leave. ... A staff member, upon application through his Dean or Director to Dean’s Council, may be considered eligible for a sabbatical leave of... twelve months after the equivalent of six full years of service,... ... They must be considered in the light of the basic premises that everyone must have a fiscal residence somewhere and that it is quite possible for an individual to be simultaneously resident in more than one place for tax purposes. ...

Contentions For the appellants: —The taxpayers were not in the business of the buying and selling of property, but rather, considered the opportunity of the purchase of the property as an unusual investment opportunity. ... This definition of income indicates that in order for the return on an investment to be considered as income, there must of necessity be a continuous flow of that return although it may be paid on a periodic basis. ... The appellants have proposed a viable objective of personal use and satisfaction, as the reason for the acquisition of the property, and this is considered acceptable under the circumstances of these appeals. ...

However, the form of the financial assistance provided for by the Quebec Industrial Development Assistance Act must be considered. ... This conclusion cannot be attacked by saying that the 40% of the interest paid is merely a yardstick to determine the amount of the grant and that therefore the interest must not be considered as such, that is, as being excluded from the cost of the depreciable property. ... In order for an amount to be considered as an account receivable on a given date, the alleged creditor must be entitled on that date to successfully sue the debtor. ...

The subject property, 200,000 square feet in an area situated between Cote de Liesse and Metropolitan Boulevard in Montreal, was found by Mr Kracauer and considered to be an ideal location for an industrial building. ... Mr Kracauer agreed to grant the option to purchase to cover what was considered to have been a very remote possibility that LCA would obtain the grant. ... LCA’s lease offer, subsequently received by Mr Kracauer, was considered very attractive to the appellant’s shareholders as another source of rental income. ...

In view of the number of companies and partnerships to which the appellant belonged, the respondent believed that he could be considered a speculator. ... The sale was not considered a business transaction nor an undertaking in the nature of trade. ... In view of the short interval, and especially in view of the fact that the appellant and its directors were considered to be speculators, Mr Boisvert held that this was a business transaction. ...

As to the ‘principal residence’’ concept, he referred to paragraph 54(g) of the Act which says that (g) “principal residence” of a taxpayer for a taxation year means a housing unit, a leasehold interest therein, or... that was, (i) ordinarily inhabited by the taxpayer in the year,... except that... in no case shall any such housing unit, interest or share, as the case may be, be considered to be a taxpayer’s principal residence for a year (iii) unless it has been designated by him in prescribed manner to be his principal residence for that year and no other property has been so designated by him for that year,... and for the purposes of this paragraph the “principal residence” of a taxpayer for a taxation year shall be deemed to include, except where the property consists of a share of the capital stock of a co-operative housing corporation, the land subjacent to the housing unit and such portion of any immediately contiguous land as may reasonably be regarded as contributing to the taxpayer’s use and enjoyment of the housing unit as a residence, except.... ... As to the ‘principal residence’’ concept, he argued that an apartment block with many tenants could be considered as a principal residence if the owner had a suite therein; but the tenants also had the use of the land, and, consequently, the whole thing should not be considered as a principal residence but only the suite actually occupied by the owner. ... How can a building be considered to have economic value when it doesn’t earn any income? ...

According to the evidence adduced, it is self-evident that the paintings did not belong to the appellant and, consequently, they cannot be considered as his inventory. ... As to the $900 the appellant had to pay to Neon Products for the sign used by the company, this could be considered as a loan to the company because the company had no assets at that time, but a deficit of some $30,000 which was money due to the shareholders, and it appears that the appellant incurred a capital loss when he paid the $900 to Neon Products. Also, because this amount was paid on November 30, 1971, it cannot be considered a deductible capital loss since the Act did not allow the deductibility of such a loss at that time. ...