Stone J.A. found that a surrender of stock option rights by the taxpayer to his employer corporation came within the phrase "otherwise disposed of" in s. 7(1)(b). He noted (at p. 6078) that:
"Those words appear to me to be sufficiently broad as to include an amount received as consideration for the surrender of rights that are thereby extinguished, in contrast with an amount received as consideration for rights that are 'transferred' and, as such, that remain in existence."