Commentary on Sections Overview Overview Section 772: Interpretation of Chapter
2256.This section is interpretative. It is based on sections 776(13) and 777(13) of ICTA.
2257.Section 777(13) defines “capital amount” to mean any amount, in money or money’s worth, which, apart from the sections 775 and 776, does not fall to be included in any computation of income for purposes of the Tax Acts. It provides that other expressions including the word “capital” are to be construed accordingly. The drafting of subsection (1) reflects the fact that a gain is the result of an arithmetical calculation, arrived at very broadly by deducting receipts from expenses, and cannot itself be said to be in money or money’s worth.
2258.Subsection (2) (meaning of “property deriving its value from land”) is based on section 776(13)(b) of ICTA.