Prior to 2020, Ms. Henny Close has had two capital gains and one capital loss. In 2015, she had a capital gain of $18,000 and in 2017, she had a capital gain of $54,000. Both of these gains were on dispositions of shares in a qualified small business corporation. Given this, she used her ITA 110.6 lifetime capital gains deduction to eliminate the taxable amount of these gains. She has a net capital loss carry forward balance of $30,000. This resulted from a 2018 capital loss of $60,000. She intends to deduct this carry forward in 2020. She has never experienced a Business Investment Loss.
During 2020, she has a $748,000 capital gain on the sale of shares in a qualified small business corporation. Ms. Close has a CNIL balance on December 31, 2020 of $23,000. Determine Ms. Close's maximum lifetime capital gains deduction for 2020. Provide all of the calculations required to determine the maximum ITA 110.6 deduction.

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The Answer of Prior to 2020, Ms. Henny Close has had two capital gains and one capital loss. In 2015, she had a capital gain of $18,000 and in 2017, she had a capital gain of $54,000. Both of these gains were on dispositions of shares in a qualified small business corporation. Given this, she used her ITA 110.6 lifetime capital gains deduction to eliminate the taxable amount of these gains. She has a net capital loss carry forward balance of $30,000. This resulted from a 2018 capital loss of $60,000. She intends to deduct this carry forward in 2020. She has never experienced a Business Investment Loss.
During 2020, she has a $748,000 capital gain on the sale of shares in a qualified small business corporation. Ms. Close has a CNIL balance on December 31, 2020 of $23,000. Determine Ms. Close's maximum lifetime capital gains deduction for 2020. Provide all of the calculations required to determine the maximum ITA 110.6 deduction.