Depreciable Property

The definition of "depreciable property of a taxpayer" in s. 20(3)(a) of the pre-1972 Act did not apply to the phrase "depreciable property" appearing in s. 20(2). In finding that a timber limit in respect of which the vendor had not claimed or been allowed any capital cost allowance was depreciable property for purposes of s. 20(2), Locke J. found that the words "depreciable property" "clearly refer to property such as a timber limit, the value of which depreciates as the timber is cut" (p. 1125).