A trust had the following results for the current year: Capital gains$100,000 Capital losses 20,000 The

Question:

A trust had the following results for the current year:
Capital gains…………………………$100,000
Capital losses ………………… 20,000
The trust has net capital losses of $35,000 incurred in 2006 available. Determine the maximum amount that can be allocated to a beneficiary. Income Tax Act reference: ITA 104(21), (21.3).