Prior to 2020, Mrs. Marge Grinder has had two capital gains and one capital loss. In 2012, she had a capital gain of $38,000 and in 2018, she had a capital gain of $144,000. Both of these gains were on dispositions of shares in a qualified small business corporation. Given this, she used her lifetime capital gains deduction to eliminate the taxable amount of these gains. She has a net capital loss carry forward balance of $109,000 from 2019. She intends to deduct this carry forward in 2020. She had a current year Business Investment Loss of $20,000. During 2020, she has a $667,000 capital gain on the sale of shares in a qualified small business corporation. Mrs. Gunder has a CNIL balance on December 31, 2020 of $30,500

Determine Mrs. Gunder's maximum lifetime capital gains deduction for 2020.

Answer rating: 100% (QA)

Mrs Gunders maximum lifetime capital gains deduction for 2020 can be calculated as follows Star... View the full answer