H.R. Whittall v. Minister of National Revenue, 67 DTC 5264, [1968] S.C.R. 432, [1967] CTC 377 -- summary under Shares

The taxpayer, who was the president and majority shareholder of an investment dealer, realized substantial gains on income account from the disposition of shares of several companies of which he was a director and for which the investment dealer acted as underwriter, in addition to realizing a large gain on income account from the exchange of units in a gas syndicate for shares of the acquiring company. The taxpayer was found to have assisted materially in the marketing of the securities and, more generally, to be engaged in the business of buying and selling rights to land and securities, and therefore was not in a position of the owner of an "ordinary" investment choosing to realize it.