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During 2023, your clients, Mr. and Mrs. Howell, owned the following Investment assets: -No commissions are charged when ndroad mutual funds are bought and sold.

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During 2023, your clients, Mr. and Mrs. Howell, owned the following Investment assets: -No commissions are charged when ndroad 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 followng investment assets were sold in 2023: -No commissions are charged when notoad mutual funds are bought and sold. The Howells' broker issued them a form 1099 . B showng the sales proceeds net of the commissions pald. For example. the IBM sales proceeds Were reported as $16,100 on the Form 1099-B they recelved. In addition to the sales reflected in the table above, the Howells provided you with the followng additional information concerning 2023: - The Howells recelved 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 $8,500 to a friend who was starting a new multilevel marketing company called LD3. The friend deciared bankruptcy in 2023 , and Mrs. Howell has been noufied she will not be recelving any repayment of the loan. - The Howells have a $4,800 short-term capltal loss carryover and a $7,300 long-term capital loss carryover from prior years. - The Howells did not instruct their broker to sell any particular lot of IBM stock - The Howelis eamed $4,250 in municipal bond interest, $4,250 in interest from corporate bonds, and $6,500 in qualified dividends. - Assume the Howells have $192,500 of wage income during the year. 2023 Tax Rate Schedules Individuals c. Assume the Howells' short-term capital loss carryover from prior years is $84,800 rather than $4,800 as indicated above. If this is the case, how much short-term and long-term capital loss carryovers remain to be carrled beyond 2023 to future tax years? Note: Leave no cells blank - be certain to enter " 0 wherever required. Tax Rates for Net Capital Gains and Qualified Dividends this purpose)

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