Jessica-Anne is in the 32% tax bracket. She acquired 5,000 shares of stock in Heritage Corporation two years ago at a cost of $200 per share. In the current year, Jessica-Anne received a payment of $840,000 from Heritage Corporation in exchange for 4,000 of her shares in Heritage. Heritage has E & P of $810,000. Jessica-Anne has a capital loss carryover of $50,000 in the current tax year. Assume that Jessica-Anne has no capital losses and taxpayers in the 32% tax bracket are subject to the long-term capital gains and qualified dividends tax rate of 15%.

What amount of the capital loss may Jessica-Anne deduct in the current year in the following situations?

The $840,000 payment from Heritage Corporation does not qualify as a stock redemption for tax purposes.
Jessica-Anne could deduct $3,000 of the $50,000 capital loss carryover. What is her income tax liability?