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The appellant made reference in his “Statement of Facts” to some 22 sales of property in the general area during the time period 1970-1975 which he considered relevant. ... It should be understood that this is not an attempt at “horse-trading”, but our considered opinion of the realities of the situation. ... Argument While providing little in the way of jurisprudence upon which his case could be founded, the appellant commented: I have considered and do consider my ranch superior to this piece of property as far as this cow-calf operation goes for these reasons. ...

He considered the financial statements, thought the drawings of the owners and the expenses were irrelevant, and reviewed the contracts he had. ... All things considered, Mr Rose was of the opinion that if goodwill existed it was personal goodwill and so, not transferable. ... It would appear that Mr Gordon and Mr Cowan were of the view that the goodwill was transferable, however no considered opinion was given as to its value. ...

It appears rather that the arrangement setting up the “debt’’ in 1959 was not considered “bona tide”, and neither was there a “bona fide” business transaction in the year 1969 which would have established a legitimate basis for payment of any obligation in that “taxation year”. ... Rather, I am led to believe that the promise to pay (in whatever form) given not at arm's length and/or without realizable security, could not be considered an appropriation, and did not constitute a benefit or advantage conferred. ... The transaction in question is not considered by the Board to be “bona fide” under paragraph 8(1)(a) of the Income Tax Act, and the assessments by the Minister are sustained. ...

However, Price Waterhouse had not considered a liquidaiton value at all. ... This could mean that Mr Carruthers himself considered his minority shares to be valued at $7.45 but if he were to acquire the control of the company, he would not be ready to pay the same price to Mr E T Griffith. ... In such a case, it can be considered that the appellant had more than a pure minority interest in the company and that the top value of $7.45 would be more appropriate than $2.39. ...

The Board does not necessarily conclude from this fact that income from the rent of the “La Touraine” building is necessarily income from property, and therefore that income for 1970 must be considered as such and is thus taxable under paragraph 106(1)(d). ... The Court also considered that most of the services provided in this case should be considered ancillary to the property itself, rather than provided to the tenants, although the latter benefited from them. ... However, the question of how much work would have been done if the building had been better built may also be considered. ...

The company had been incorporated for purposes of estate planning and he had always considered it was the agent for Jetco. ... It was important to note that the point was not whether the income had been earned directly by the company, only that there was hard tangible evidence concerning the intentions and actions of the parties involved—that the company was to be considered the agent of Jetco and Stein. Counsel indicated that there were distinctions to be made between what might be considered an “active” business under section 68 of the Income Tax Act, RSC 1952, c 148 (old Act) and under section 125 of the Income Tax Act, SC 1970-71-72, c 63 (new Act) and that section 68 should not be interpreted narrowly as had been done in some cases dealing with section 125. ...

As to the attention the business requires, the business will be considered active if it is of such size or has such problems that an office is maintained with a telephone listing and clerical or managerial staff are employed on a full-time basis. This explanation would seem to answer the first part of the matter at hand—whether deriving income from rents can be considered “business”. ... The conclusion I reach from these two learned decisions is that it is not entirely certain, as implied by Interpretation Bulletin IT-72R, that income derived from rents is to be considered as “business” income. ...

Further, there is no evidence that sales of Hearne shares made by the appellants subsequent to this particular transaction with Value Line were considered either by the appellants or the respondent as trading. ... The Board agrees that such an arrangement had the potential to afford certain stability to the company during its formative period, but it would be naïve to think that there was not also the potential for benefit to the shareholders in such restraint, in order to select a time considered most propitious for the release of subscribers’ stock to the general public. ... However, there is no question, in the opinion of the Board, that the prospect of selling the subscribers’ shares at a profit had always existed and had been considered, and that it was at a level of sufficient importance by the time Hearne was converted into a public company and the prospectus issued, that it warranted bringing direct and specific attention to that opportunity by listing the secondary offering. ...

(n) There is no legal basis for considering that salary is considered to be earned where services are performed. ... He also stated that because an Indian was considered a ward of the State (see Lavell, supra) and, by virtue of section 108 of the Indian Act, RSC 1952, could be enfranchised and assume the duties and responsibilities of citizenship only upon proclamation by the Governor in Council, this shows that the Indian people have been considered as a special class. ... Thus, money earned as salary can also be considered an asset of a person so that, if that person died immediately after receiving his wages, the money would be taxable as income but would also be treated as an asset of that person’s estate. ...

The fact to be considered in this case was the ineligibility of losses incurred in two of the three loans granted in the course of a taxation year. ... It seems to me that small businesses should not be required to operate in the same way and carry on the same type of commercial activity as large businesses in order to be considered “active”. ... Does there have to be a much more sophisticated administrative organization in order for a small active business to be considered as such? ...