Please answer the following Part III:

The information given below is the information you previously had for Part I (2022) and completing the excel template. This information is the background for Part III. And the information was the following:

The following is the excel template needed to complete Part 1:

- Nelson and Serena sold 1,000 shares of Lynn Inc. stock for $8,000. They also paid a commission equal to 0.5% of the sales price. Their basis in the shares sold was $15,000. This stock is unrelated to Nelson's stock options from his job. - Serena would like to become a counselor and enrolled in a part-time master's program at the local university. Serena already holds a bachelor's degree. She incurred $7,800 of fees for tuition and required fees. - In February, Nelson exercised 5,000 stock options (NOT the Lynn Inc. stock!). The options had a strike price of \$21. Nelson exercised the options when the shares were trading at $30. Nelson held all the shares at the end of the year but plans to sell all the shares in December of 2023. Lynn Inc. Stock Purchase Records 2. The Richmonds are purchasing a new car in 2023 and are interested in an electric vehicle. They read that they might qualify for a clean vehicle tax credit if they purchase an electric vehicle but aren't sure of the specifics. They plan to buy the vehicle for their own use, and they will use it exclusively in the United States. Their vehicle budget is $90,000. They have some questions about the details of the credit. - Are the Richmonds eligible for a clean vehicle tax credit in 2023 based on their 2022 tax position? - Right now, the Richmonds are interested in a 2023 Mitsubishi Outlander PHEV, a 2023, Volkswagen ID.4 AWD Pro, or a 2023 Tesla Model Y AWD. Which vehicle would you recommend they purchase to maximize the credit? When do you recommend they purchase the vehicle / place it into service? How much credit will they receive? What factors determine the credit amount? Part III, Planning Email (20 points) - Provide tax advice in a brief (maximum 1 page)_planning email addressed to the RIchmonds from you, their tax accountant. Be sure to use professional, client-ready formatting and language for your document and include your firm's branding and your professional signature. The Richmonds have two questions they would like you to address. Note: you can assume you are writing this email in February 2023. 1. Next year (2023), Nelson is considering selling some shares of stock in his employer, which will generate substantial long-term capital gains (he estimates he will have a LTCG of approximately \$25,000). The Richmonds also anticipate selling 3,500 more shares of Lynn Inc. stock. Remember that Lynn Inc. is NOT related to Nelson's job. - Under the general rule, which shares of Lynn Inc. are the Richmonds deemed to sell if they do not use specific identification? Assuming the share price is $9 at the date of sale, what would their gain or loss be under the general rule if Nelson decides to sell the stock? - Assuming Nelson plans to sell employer stock and the full 3,500 shares of Lynn Inc. stock. How could the Richmonds minimize their tax liability with LTCG / L associated with this stock sale? Be sure to take their whole tax situation into account (i.e., Nelson's anticipated employer stock sale in 2023, from Part 1), and mention loss carryforwards if any. - What do you recommend the Richmonds do to minimize their tax liability (or maximize their tax position) in 2023? Should Nelson hold off on selling some shares of his employer stock? Expedite it? What should he do with the Lynn Inc. stock? File Preview CATEGORY Gross Income Salaries, wages, tips, etc. Interest income Qualified dividends Retirement distributions Social security benefits Business income Capital gains or losses Other income Total income For AGI Deductions Educator expenses government officials Deductible part of self-employment tax Student loan interest deduction AGI From AGI Deductions Itemized deductions Medical expenses Taxes Interest Charitable contributions Standard deduction QBI Taxable Income Income Tax Liability Self-employment tax Net investment income tax Additional Medicare Tax Total Taxes Tax Credits Prepayments Taxes due (refund) Computations Nelson and Serena Richmond are married and have two dependent children, Stewart and Rafa, who are both 14 years old, live at home, and attend high school. Nelson works as a marketing executive for a corporation. Serena is self-employed and runs a small shop that sells stationary products and homemade decor. Serena's business income qualifies for the full 20% qualified business income deduction. Neither Nelson nor Serena is blind or over age 65 , and they plan to file jointly. Basic Information: - Nelson's salary: $225,000 - Nelson's cash bonus: \$45,000 - Gift from Serena's father, Jeremy: $30,000 - Interest income from bank account: $1,700 - Interest income from U.S. Treasury bonds: $8,980 - Interest from municipal bond funds: \$10,400 - Appreciation of stock held in retirement account: $104,000 - Qualified dividends: $19,000 - Federal income tax withheld from Nelson's compensation: $63,400 - State income tax withheld from Nelson's compensation: $8,000 - OASDI + MHI withheld from Nelson's compensation: $12,376 - Real estate tax on home: $20,100 - State sales tax paid: $2,600 - Home mortgage interest (acquisition debt =$705,000 ): $15,000 - Interest on credit card debt: $400 - Gross income from Serena's business: $19,600 - Advertising and other business expenses for Serena's business: \$5,050 - Cash contributions to the qualified charities: $30,000 - Gross income from Rafa's babysitting jobs: $480