During 2020, an individual has taxable capital gains on the disposition of shares in a qualified small business corporation. The lifetime capital gains deduction can be used to eliminate up to $441,692 of the taxable capital gains on the disposition.

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The maximum amount of eligible capital gains for the lifetime capital gains deduction in 2020 is $883,384, and it can be used to eliminate up to 50% of the taxable capital gains on the disposition of shares in a qualified small business corporation. Therefore, the deduction can be used to eliminate up to $441,692 of taxable capital gains.

During 2020, an Individual Has Taxable Capital Gains on the Disposition