The taxpayer, which sold ATMs to the gaming industry, and specialized keyboards and price scanners to retail stores, in January 2006 acquired a corporation ("Telepanel") that had been carrying on a business of selling electronic price display modules to retail stores. C. Miller J. found that s. 111(5)(a) precluded the taxpayer from using Telepanel's losses in the taxpayer's taxation year ending on September 30, 2007, as the business was not carried on for profit or with a reasonable expectation of profit in that year.