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The fact that it invested £70,000 sterling in 1964 in the film indicates to him that they must have considered it had great potential. ... He referred also to Kohler’s Dictionary for Accountants which defines contingent liability as one “due only on failure to perform a future act” stating that he did not consider that this is such a case, and pointed out that the bank and Niagara Television Limited evidently considered the advances to be an appropriate commercial loan, and that at the time the Canadian Film Development Corporation evidently considered their advances as an investment even though somewhat risky. ... He also referred to what the witnesses admit to be the leading textbook in Canada, Skinner’s Accounting Principles at page 412 in which the author states: To the extent that liability under the contingent payment clause was considered likely provision for it should be made by the purchaser. ...

Indeed, when the reasons for their Lordships in that case are considered in their entirety it seems to me that it is not an authority for the proposition that in these cases substance as distinguished from form is irrelevant and so of no importance. ... It seems to me that when these are considered together it becomes apparent that instead of supporting that theory, they are factors in its contradiction. ... If these declarations could be considered alone it might be that they would be attributed merely to inadvertence or mistake, but they must be considered in conjunction with all of the other relevant factors. ...

Mr Dilts said no decision had been made but an offer would be considered and that he wanted a letter of commitment from the taxpayer, and from Mr Walsh. ... Another avenue open to the Minister was to reassess under section 46 of the Act and impose penalties under subsection 56(1) of the Act on those portions of the tax in which it was considered there had been wilful evasion. ... In my view, the Minister through his representatives merely indicated to the taxpayer (through Mr Walsh) some basic conditions which, if agreed to, would be considered. ...

Bearing in mind that this was a letter seeking employment and that the appellant, as a prospective employee, would set out facts and circumstances which he considered might influence the employer in his favour, the letter may not be of great significance being in the nature of puffing. ... The Respondent considered that the sale of the depreciable assets owned by the Appellant, to which reference is made in paragraph 5 hereof, was not made for the sum of $58,000.00 but for the sum of $199,787.25. ... With respect to the vessel Norsal, he assumed that: (a) The Appellant in the years 1961 and 1962 incurred expenses of $22,507.58 and $28,853.92 respectively and sustained a net loss in the amount of $18,917.58 and $21,303.92 of which sums respectively the sums of $11,354.75 and $15,186.25 were not related to the gaining or producing of income by the Appellant; (b) In computing the amount of the said loss not incurred in the gaining or producing of income, the Appellant considered that only the portion of the net loss on operation of the boat that personal use had to total use was to be deducted from the said loss and that the excess of the net loss over such sum was a proper deduction from income: (c) The Respondent considered that only the proportion of the total expenses of operation of the boat that personal use had to total use was to be deducted from the said loss and that the excess of the net loss over such sum was a proper deduction from income. 7. ...

McKee, then this might be considered to have had some influence on their decision to dispose of their shares. ... He stated that they never considered the possibility of converting to a public company, in which the McKee estate alone would sell its shares and the others would retain theirs. ... It appears to me however, that this must be considered as a separate venture, although following the same pattern. ...

The Queen, [1978] 1 S.C.R. 480 ("Moldowan"), the Supreme Court of Canada set out the following four criteria in order to objectively determine if a taxpayer has a reasonable expectation of profit: a) the profit and loss experience in past years; b) the taxpayer's training; c) the taxpayer's intended course of action; and d) the capability to show a profit. [22] These criteria do not constitute an exhaustive list of the criteria to be considered, however. ... The appellant would challenge players who were considered very good to heads-up poker, a highly risky game wherein the bets are very high. ... This software also allowed him to check the state of his earnings and losses and to verify the accuracy of the transactions that were carried out on the websites on which he was playing, and to do so every two weeks; the appellant exchanged his money on the PartyPoker website with other players for money on other websites for reasons of efficiency and speedy transactions, and to avoid the delays incurred by transferring money through his own bank account; the appellant considered the possibility of selling, at a discount, the balance of his account on the FullTiltPoker website, which had been frozen. ...

He also said that he considered... the building of a townsite to be a necessary development expense in order to bring a mine into production in an isolated area such as Thompson, Manitoba. ... It is my opinion, based on my experience aforesaid, that the costs incurred by Inco in connection with the townsite at Thompson, Manitoba, can be properly described as development expenses and would be so considered in the ordinary understanding of those engaged in the mining industry. ... No one contends such cost should be allocated or considered a prospecting or exploration expense. ...

The appellant considered that the bench testing was creating steady state loads, whereas in the field the loads would be intermittent spike loads. The appellant also considered the possibility that the coupling might be failing due to axial thrust loads on the coupler. ... The appellant considered that high torque might be creating enough friction to prevent the slip joint from slipping as intended. ...

If they could have been so used, they could have been moved to Montreal, and cannot be considered as part of the real expense of moving to Montreal. ... Such a loss, in my view, is in the same category as those other ‘‘removal expenses’’ (such as the expenses incurred by the employee in moving himself, his family and his household effects) which are considered by the respondent as conferring no benefit on the employee and which, as a matter of fact, are not added by the respondent to the appellant’s income. ... I would, therefore, allow the appeal with costs and refer the assessment back to the respondent for re-assessment on the above basis. 1 ♦Although, of course, if the employee is away for more than a nor mal period, such expenses considered as travelling expenses may then become personal expenses. ...

Indeed, the trial judge considered this debt to be “a cash equivalent owned by W4N as a result of selling its operating business assets” (TCC reasons, second paragraph of subpara. 45(ii)). ... Thibodeau, Appeal Book, vol. 7, at 3234, lines 25–28, at 3235, lines 1–28, at 3236, lines 1–5, at 3242, lines 27–28 and at 3243, lines 1–20), and he undoubtedly considered that EMC US had no interest in paying into W4N’s Successor Corporation $19,750,000 in cash given that this amount exceeded W4N’s operational needs. ... According to this interpretation, transactions leading to an alleged distribution or appropriation of funds or property are to be considered as a whole in a way that is temporally flexible (MacDonald (FCA), para. 28). ...