Phil Zamboni realized taxable capital gains of $12,000 in 1999. This gain was offset by a capital gains deduction of $12,000 in that year.
In 2010, Zamboni received interest income of $825 and grossed-up taxable dividends of $200. He also incurred a net rental loss of $15,000 and carrying charges totaling $1,475 in 2010.
In 2011, Zamboni earned investment income of $200. He had a rental loss that year in the amount of $13,000 and carrying charges of $2,000. He also realized a business investment loss of $20,000 in December 2011.
In 2012, Zamboni sold the shares of Maps Unlimited Ltd., a qualified small business corporation, for a capital gain of $185,000 and he realized a capital loss of $21,000 on the sale of public company shares. He also received $1,650 in interest and incurred a net rental loss of $1,000 in 2012.
Zamboni had no other previous capital transactions, investment income, or investment expenses.
REQUIRED
Compute Zamboni's capital gains deduction for 2012 supported by all the necessary calculations.