In finding that a decline in the value of a property that was held as an adventure in the nature of trade and not as stock-in-trade of a real estate trading business qualified as inventory whose decline in value could be deducted in computing income under s. 10(1), Major J first noted that, as per Bailey, the concept of carrying on business "involves continuity of time or operations such as is involved in the ordinary sense of a `business'," ad then stated (at para. 55):
I do not accept the argument that s. 10(1) applies only to those who "carry on a business".