Friesen v. Canada, 95 DTC 5551, [1995] 3 SCR 103 -- summary under Inventory

Major J. found that a real estate property held by the taxpayer and others in connection with an adventure or concern in the nature of trade qualified as "inventory" even though it did not represent stock-in-trade of a trading business. In particular, under the plain meaning of the definition, "an item of property need only be relevant to business income in a single year to qualify as inventory" (p. 5555), i.e., a subsequent year in which the property may be sold.