Jacob Mills has provided you with the following information:

	2019	2020	2021
Taxable capital gains on sale of qualified small business
corporation shares . . . . . . . . . . . . . . . . . . . . .	$75,000	-	$300,000
Business investment loss (before ssec. 39(9) adjustment)	-	-	160,000
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . ..	-	$1,200	2,400
Grossed-up taxable dividends . . . . . . . . . . . . . . . . . ..	-	240	-
Net rental income (loss) . . . . . . . . . . . . . . . . . . . . . . .	-	(1300)	(320)
Carrying charges . . . . . . . . . . . . . . . . . . . . . . . . . . . .	-	3,075	-

The 2019 taxable capital gain was fully offset by a capital gains deduction in that year.

REQUIRED

Determine Jacob’s capital gains deduction for 2021 supported by all the necessary calculations.

Assume that there were no other capital transactions before 2019.

Answer rating: 100% (QA)

Answers Capital Gains When the organization or individual ... View the full answer