Words and Phrases - "ordinary"

a
89
b
44
c
85
d
56
e
43
f
31
g
20
h
15
i
77
j
2
k
2
l
32
m
57
n
28
o
39
p
81
q
3
r
78
s
95
t
47
u
16
v
10
w
23
y
2

Bailey v. MNR, 90 DTC 1321, [1990] 1 CTC 2450 (TCC)

Summary Under
Tax Topics - Income Tax Act - Section 10 - Subsection 10(1)
write-down of land held as adventure even though it was not used in "carrying on" a business

The taxpayers, who acquired farm land in connection with an adventure in the nature of trade and not for use in a trade, were entitled to write down the carrying value of that land in accordance with the lower of cost and fair market value rule contained in s. 10(1). Rip J. stated (at p. 1330):

"Subsection 10(1) directs a property to be valued 'for the purpose of computing income from a business.' The phrase does not contemplate computing income only from carrying on a business, as suggested by counsel for the respondent."

Words and Phrases
ordinary carry on