acct 387 ch 7 q 2

[The following information applies to the questions cisplayed below] During 2023, your clients, Mc, and Mrs. Howell, owned the following investment assets: "No commissions are charged when no-load mutual funds are bought and sold. Because of the downturn in the stock market, Mr, and Mrs. Howell decided to sell most of their stocks and the mutual fund in 2023 and to reinvest in municipal bonds. The following investment assets were sold in 2023: "No commissions are charged when no-load mutual funds are bought and sold. The Howells' broker issued them a Form 1099.8 showing the sales proceeds net of the commissions paid. For example. the IBM sales proceeds were reported as $15,500 on the Form 10998 they received. In addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning 2023: - The Howells received a Form 1099-B from the Vanguard mutual fund reporting a $900 long-term capital gain distribution. This distribution was reinvested in 31 additional Vanguard mutual fund shares on 6/30/2023. - In 2017, Mrs. Howell loaned $7,900 to a friend who was starting a new multilevel marketing company called LD3. The friend declared bankruptcy in 2023, and Mrs. Howell has been notified she will not be receiving any repayment of the loan: - The Howells have a $4,200 short-term capital loss carryover and a $6,700 long-term capital loss carryover from prior years. "No commissions are charged when no-load mutual funds are bought and sold. The Howelis' broker issued them a Form 1099-8 showing the sales proceeds net of the commissions paid. For example. the IBM sales proceeds were reported as $15,500 on the form 1099-8 they received. In addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning 2023: - The Howells recelved a Form 1099-8 from the Vanguard mutual fund reporting a $900 long-term capital gain distribution. This distribution was reinvested in 31 additional Vanguard mutual fund shares on 6/30/2023. - In 2017, Mrs. Howell loaned $7,900 to a friend who was starting a new multilevel marketing company called LD3. The friend declared bankruptcy in 2023, and Mrs. Howell has been notified she will not be recelving any repayment of the loan. - The Howells have a $4,200 short-term capital loss carryover and a $6,700 long-term capital loss carryover from prior years. - The Howells did not instruct their broker to sell any particular lot of IBM stock. - The Howells earned $3,950 in municipal bond interest, $3,950 in interest from corporate bonds, and $5,900 in qualified dividends. - Assume the Howells have $177,500 of wage income during the year. c. Assume the Howells' short-term capital loss carryover from prior years is $84,200 rather than $4,200 as indicated above. If this is the case, how much short-term and long-term capital loss carryovers femain to be carried beyond 2023 to future tax years? Note: Leave no cells blank - be certain to enter " O wherever required