In 2020, an individual realized a $900,000 capital gain from the sale of qualified small business corporation shares (Q5BC). The individual had a cumulative net investment loss (CNIL) balance of $40,000 at the end of 2020.A capital gains deduction (CGD) of $50,000 was claimed in 2018 against a $50,000 taxable capital gain from QSBC shares. What is the maximum CGD in 20207 Multiple Choice $391692 $410,000 $441,692
In 2020, an individual realized a $900,000 capital gain from the sale of qualified small business corporation shares (Q5BC). The individual had a cumulative net investment loss (CNIL) balance of $40,000 at the end of 2020.A capital gains deduction (CGD) of $50,000 was claimed in 2018 against a $50,000 taxable capital gain from QSBC shares. What is the maximum CGD in 20207 Multiple Choice $391692 $410,000 $441,692
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 55P
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Transcribed Image Text:In 2020, an individual realized a $900,000 capital gain from the sale of qualified small business corporation shares (QSBC), The individual had a
cumulative net investment loss (CNIL) balance of $40,000 at the end of 2020. A capital gains deduction (CGD) of $50,000 was claimed in 2018 against a
$50,000 taxable capital gain from QSBC shares. What is the maximum CGD in 2020?
Multiple Choice
$391,692
$410,000
$441,692
$450,000
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