B sold shares of a qualified small business corporation (QSBC) in the current year realizing a capital gain of $640,000 and shares of a public company realizing a loss of $30,000. B has a net capital loss of $60,000 carried over from last year that he wants to deduct in the current year. B's cumulative net investment loss (CNIL) account at the end of the current year should be $0. 8 claimed a capital gains deduction of $120,000 three years ago. What is B's maximum capital gains deduction for the current year?

B sold shares of a qualified small business corporation (QSBC) in the current year realizing a capital gain of $640,000 and shares of a public company realizing a loss of $30,000. B has a net capital loss of $60,000 carried over from last year that he wants to deduct in the current year. B's cumulative net investment loss (CNIL) account at the end of the current year should be $0. 8 claimed a capital gains deduction of $120,000 three years ago. What is B's maximum capital gains deduction for the current year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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