Sandnes v. The Queen, 2004 DTC 2466, 2004 TCC 244 -- summary under Subsection 39(4)

Before going on to find that the taxpayer's transaction in shares of a public company were on capital account rather than adventures in the nature of trade, Miller J. noted that he was influenced by the significant uncertainties as to whether a late s. 39(4) election would be available to the taxpayer if his transactions had been found to be adventures in the nature of trade.