Geddes Contracting co. Ltd. v. The Queen, 2005 DTC 92, 2005 TCC 6, briefly aff'd 2006 DTC 6092, 2006 FCA 48 -- summary under Section 96

The predecessor of the corporate taxpayer and other Canadian purchasers of a general interest in a New Mexico partnership that subsequently sold raw land at a reported loss of $21.4 million were found not to be carrying on business in common with a view to a profit, and, therefore not to be in partnership. The purchase by the partnership of interests in three oil and gas leases for $15,000 was a passive investment, and the holding by the partnership of an option on real estate would not give them any entitlement to participate in the development of the subject property.