A unit trust ("Fording") of which the taxpayer was a unitholder agreed to a cash and stock takeover bid from Teck Cominco, as a result of which the unitholders (after voting in favour of the takeover) received, on the surrender of their units, the sale proceeds for assets sold by Fording to Teck Cominco. As most of the proceeds received by the taxpayer were allocated to him as income of Fording under s. 104(13), those amounts were income to him rather than a capital gain.
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