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2 . What would the short - term capital loss be I know the long term would be 0 but i cant figure out the
What would the shortterm capital loss be I know the long term would be but i cant figure out the short term? Thanks Required Information
The following information applies to the questions displayed below.
During your cllents, Mr and Mrs Howell, owned the following Investment assets:
No commissions are charged when noload mutual funds are bought and sold.
Because of the downturn In the stock market, Mr and Mrs Howell decided to sell most of thelr stocks and the mutual fund
in and to relnvest in municipal bonds. The following investment assets were sold in :
No commissions are charged when noload mutual funds are bought and sold.
The Howells' broker Issued them a Form B showing the sales proceeds net of the commissions pald. For example,
the IBM sales proceeds were reported as $ on the Form B they recelved.
In addition to the sales reflected in the table above, the Howells provided you with the following additional information
concerning :
The Howells recelved a Form B from the Vanguard mutual fund reporting a $ longterm capital gain
distribution. This distribution was relnvested in additional Vanguard mutual fund shares on
In Mrs Howell loaned $ to a friend who was starting a new multllevel marketing company called LD The
friend declared bankruptcy in and Mrs Howell has been notfied she will not be recelving any repayment of the
loan.
The Howells have a $ shortterm capital loss carryover and a $ longterm capital loss carryover from prior
years.
The Howells did not instruct thelr broker to sell any particular lot of IBM stock.
The Howells earned $ in municipal bond interest, $ in interest from corporate bonds, and $ in
qualified dividends.
Assume the Howells have $ of wage Income during the year.
c Assume the Howells' shortterm capital loss carryover from prior years is $ rather than $ as indicated above. If this is
the case, how much shortterm and longterm capital loss carryovers remain to be carried beyond to future tax years?
Note: Leave no cells blank be certaln to enter O wherever required.
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