During 2019, Mrs. Lacinda Brown used her lifetime capital gains deduction to eliminate a taxable capital gain of $15,000 [(1/2)($30,000)]. During 2020, she has capital gains on publicly traded securities of $21,000, and a loss of $47,000 on the disposition of shares of a small business corporation. Her employment income for 2020 is over $250,000. Determine the amount of the Allowable Business Investment Loss that can be deducted in 2020, as well as the amount and type of any losses available for carry over at the end of the year.

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The Answer of During 2019, Mrs. Lacinda Brown used her lifetime capital gains deduction to eliminate a taxable capital gain of $15,000 [(1/2)($30,000)]. During 2020, she has capital gains on publicly traded securities of $21,000, and a loss of $47,000 on the disposition of shares of a small business corporation. Her employment income for 2020 is over $250,000. Determine the amount of the Allowable Business Investment Loss that can be deducted in 2020, as well as the amount and type of any losses available for carry over at the end of the year.