Mr. and Mrs. Howell are married taxpayers who file a joint return. They have no dependents. During 2020, they sold the following investment assets: Stock 300 Shares of IBM Corp. 3000 shares of Apple Inc. 2100 shares of Cisco Inc. 420 shares of Vanguard mutual fund Purchase Date Sold Price Sales Proceeds Date Acq 11/22/2017 5/6/2020 $ 10,250 $ 13,700 4/3/2018 10/5/2020 $ 147,000 $220,000 8/14/2019 8/1/2020 $ 52,500 $ 63,250 3/2/2020 12/21/2020 $ 14,700 $ 15,00 The Howells also provided you with the following additional information concerning 2020: In 2013, Mrs. Howell loaned $6,000 to a friend who was starting a new multilevel marketing company called LD3. The friend declared bankruptcy in 2020, and Mrs. Howell has been notified she will not be receiving any repayment of the loan. The Howells have a $2,300 short-term capital loss carryover and a $4,800 long-term capital loss carryover from prior years. The Howells earned $3,000 in municipal bond interest, $3,000 in interest from Pepsico Inc. bonds, and $4,000 in other taxable interest income. The Howells earned $3,000 in municipal bond interest, $3,000 in interest from Pepsico Inc. bonds, and $4,000 in other taxable interest income. 0 The Howells earned $130,000 in salary during the year. They collected the following information related to their expenses in 2020. Property taxes State income taxes withheld Qualified interest on home mortgage Sales and use taxes Additional state income tax paid in 2020 with 2019 tax return Investment interest expense Charitable contributions - all cash Tax preparation fees Compute the Howell's federal income tax liability for 2020. $3,000 $6,500 * 8,700 4,250 250 9,000 7,200 2,500