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The respondent, on the other hand, argued that the investments contained in the appellant’s portfolio should not be considered to be inventory and submitted that there is at best only ‘‘a tenuous connection between the expenditures in question and the earning of income from these investments”. The respondent further stated that if the Board should find that the appellant comes within paragraph 18(1)(a), and I do so find, then the outlays in question can only be considered outlays on account of capital since they were not made for the purpose of maintaining an income stream but rather were made for the purpose of either acquiring or selling capital property, namely, the different investments made by the appellant. ...

Losses of this sort are deductible not because the taxpayer is considered a “farmer”, but rather because he is considered a “businessman” engaged in “farming activities” (see Matthews, above). ...

In order for the amounts paid to be considered as interest, Dame Doriga would have had to remain the owner of the securities and the amounts would have had to be paid directly by the debtors. ... Accordingly, she can be considered another person beneficially interested therein, since she is a beneficiary in fact and under the common law, and the federal Income Tax Act applies. ...

The appellant maintains that he should only include $305 and that the remaining $375 should be considered payment of representation expenses in accordance with union regulations. ... They will be quoted in full if necessary. 4.2 Case Law The appellant referred to the case of MNR v Wilbrod Bherer, [1967] CTC 272; 67 DTC 5186. 4.3 Comments The allowance of $375, considered under the regulations to be for representation expenses, appears to fit the description contained in the regulation itself: “the only compensation (including over-time) paid for work in representing and administering the union”. ...

Issue The adjustments to the appellant’s reported income stem from the difference between the V-day value attributed by the appellant to his 147 acre farm in the Township of Downie and the value considered by the appellant to have been the fair market value on December 31, 1971. ... The basic question being whether Parcel II should be considered for purposes of evaluation as potentially industrial and/or residential as claimed by the appellant, or whether it should be evaluated as agricultural land. ...

(e) In the books of SF Co the amounts so received however, were credited to a loan account and not considered as income by the appellant. ... This company was incorporated especially, according to the witness, to financially protect himself. 4.03 In the taxation year 1974 the accounting firm, SF Co, sent to the company, SF Ltd, a bill for the work done by SF Co as administration fees of $1,432 and as accounting fees of $16,718. 4.04 The appellant testified that he was not responsible for the fact that the amount of $16,718 deducted as expenses in the book of SF Ltd was not considered as income in his income tax return because the entries in the books of the accounting firm were not made by himself, but a Mr Shaikh who credited it to an account “loans payable”. 4.05 According to Mr Shaikh, however, all entries involving transfers from the company SF Ltd to the appellant were credited to the account “loans payable”, and debited to whatever form of payment which was made, normally cash. 4.06 Mr Shaikh testified that none other than Mr Filger decided what amount to the account “loans payable” would be transferred to income in order to prepare his income tax return. 4.07 The financial year-end of the appellant for 1973, 1974 and 1975 was January 31. ...

Counsel for the respondent argued that there were only three ways that this Fund could be considered as an agent of Her Majesty the Queen: 1. ... According to this definition, there is no doubt that the Fund could not be considered as an agent of Her Majesty the Queen. ...

When calculating his income for the taxation year 1973, the appellant considered the personal profit realized on the sale of the land, namely $6,475, to be a capital gain; 7. ... The respondent considered that this land was held only for speculative purposes, that is, to make a profit at the time of a possible sale... ...

In each case the true character of the subsidy must be ascertained and in so doing the purpose for which it was granted may properly be considered. ... A quotation from this judgment, to be found at pp 126 and 672 respectively, in my view clearly illustrates the difference and shows that the funds in question in the case at bar should be considered as income: That purpose was a special one, in the public interest, quite apart from the trade and business operations of the appellant and had nothing whatsoever to do with its trade or business profits or gains. ...

Evidence No physical evidence was provided to the Board but on his own account, the appellant submitted that: a) A license to operate a Tourist Establishment is issued yearly by the Province of Ontario. b) The camp has a permit to collect retail sales tax for the Province of Ontario and collections of sales tax have been made and remitted to the Province of Ontario along with proper sales tax returns. c) The camp pays realty taxes to the Board of Education of Espanola on the basis of being a business. d) Hydro was brought into the area because the camp was considered to be a business rather than an individual cottage. e) Substantial dock facilities were built to sustain the kind of traffic which is hoped will be in effect. f) A pure water system and a running water system were set up and are maintained for the guests. g) Several acres of grass must be continually cut and mainly for that purpose a tractor was purchased. h) Mr Finch and his family have devoted a substantial amount of time to the care and maintenance of the camp and its guests. i) The camp is composed of one main lodge and three cottages. ... The following criteria should be considered: the profit and loss experience in past years, the taxpayer’s training, the taxpayer’s intended course of action, the capability of the venture as capitalized to show a profit after charging capital cost allowance. ...