A lump sum received by the taxpayer in consideration for the cancellation of a non-competition agreement that it previously had received in connection with an acquisition of a business as a going concern represented proceeds of "disposition" on general principles given that the agreement was extinguished, and also was received on capital account given that (from the perspective of the taxpayer) an acquisition of a non-competition agreement in connection with its business would have been on capital account.
"The majority opinion expressed by this Court in Goodwin Johnson ... according to which the quality of the amount should be analyzed on the basis of the payer, is no longer good law ..." (para. 51).