During 2022. your cllents. Mr. and Mrs. Howell, owned the following investment assets: "No commissions are charged when no-load mutual funds are bought and sold. Because of the downtum in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks and the mutual fund in 2022 and to reinvest in municipal bonds. The following investment assets were sold in 2022: "No commissions are charged when no-load mutual funds are bought and sold. The Howells' broker issued them a form 1099-B showing the sales proceeds net of the commissions paid. For example, the IBM sales proceeds were reported as $13.700 on the Form 1099.8 they recelved. In addition to the sales reflected in the table above, the Howelis provided you with the following additional information concerning 2022 : - The Howells recelved a Form 1099-B from the Vanquard mutual fund reDorting a $900 long-term cabital cain In addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning 2022 - The Howells received a Form 1099B 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 6/30/2022. - In 2016. Mrs. Howell loaned $6,100 to a friend who was starting a new multilevel marketing company called LD3. The friend declared bankruptcy in 2022. and Mrs. Howell has been notified she will not be receiving any repayment of the loan. - The Howells have a $2,400 short-term capital loss carryover and a $4.900 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 eamed $3,050 in municipal bond interest, $3,050 in interest from corporate bonds, and $4,100 in qualified dividends. - Assume the Howells have $132,500 of wage income during the year. Comprehensive Problem 07-63 Part a-2 (Algo) a-2. Compute the Howells' tax liability for the year (ignoring the alternative minimum tax and any phase-out provisions) assuming they file a joint return, they have no dependents, they don't make any special tax elections, and their itemized deductions total $30,000. (Use the fax mateschedules. Dividendis and Capilat Gains Tax Rates) During 2022, your clients, Mr, and Mrs. Howell, owned the following investment assets: NNo 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 2022 and to reinvest in municipal bonds. The following investment assets were sold in 2022 'No commissions are charged when notoad mutual funds are bought and soid. The Howells' broker issued them a Form 1099.8 showing the sales proceeds net of the commissions paid. For example. the IBM sales Droceeds were redorted as $13700 on the Form 1099-B thev recelved, - No commissions are charged when no-load mutual funds are bought and sold. The Howells' broker issued them a Form 1099. B showing the sales proceeds net of the commissions paid. For example: the IBM sales proceeds were reported as $13.700 on the Form 1099-8 they recelved. In addition to the sales reflected in the table above, the Howelis provided you with the following additional information concerning 2022 - 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 6/30/2022 - In 2016. Mrs. Howell loaned $6,100 to a fiend who was starting a new multlevel marketing company called LD3. The friend declared bankruptcy in 2022, and Mis. Howell has been notified she will not be recelving any repayment of the loan - The Howells have a $2.400 short-term capital loss carfyover and a $4.900 long-term capital loss carryover fiom prior years - The Howells did not instruct their broker to sell any particular lot of IBM stock. - The Howells eamed $3,050 in municipal bond interest, $3,050 in interest from corporate bonds, and $4,100 in qualified dividends. - Assume the Howeils have $132,500 of wage income during the year. Comprehensive Problem 07-63 Part c (Algo) c. Assume the Hovells' short-term caplal loss carryover from prior years is $82.400 rather than $2,400 as indicated above, If this is the case, how much short-term and long-term capital loss cartyover temains to be cairied beyond 2022 to future tax years? Note: Leave no cells blonk - be certain to enter "O" wherever required. During 2022. your cllents. Mr. and Mrs. Howell, owned the following investment assets: "No commissions are charged when no-load mutual funds are bought and sold. Because of the downtum in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks and the mutual fund in 2022 and to reinvest in municipal bonds. The following investment assets were sold in 2022: "No commissions are charged when no-load mutual funds are bought and sold. The Howells' broker issued them a form 1099-B showing the sales proceeds net of the commissions paid. For example, the IBM sales proceeds were reported as $13.700 on the Form 1099.8 they recelved. In addition to the sales reflected in the table above, the Howelis provided you with the following additional information concerning 2022 : - The Howells recelved a Form 1099-B from the Vanquard mutual fund reDorting a $900 long-term cabital cain In addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning 2022 - The Howells received a Form 1099B 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 6/30/2022. - In 2016. Mrs. Howell loaned $6,100 to a friend who was starting a new multilevel marketing company called LD3. The friend declared bankruptcy in 2022. and Mrs. Howell has been notified she will not be receiving any repayment of the loan. - The Howells have a $2,400 short-term capital loss carryover and a $4.900 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 eamed $3,050 in municipal bond interest, $3,050 in interest from corporate bonds, and $4,100 in qualified dividends. - Assume the Howells have $132,500 of wage income during the year. Comprehensive Problem 07-63 Part a-2 (Algo) a-2. Compute the Howells' tax liability for the year (ignoring the alternative minimum tax and any phase-out provisions) assuming they file a joint return, they have no dependents, they don't make any special tax elections, and their itemized deductions total $30,000. (Use the fax mateschedules. Dividendis and Capilat Gains Tax Rates) During 2022, your clients, Mr, and Mrs. Howell, owned the following investment assets: NNo 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 2022 and to reinvest in municipal bonds. The following investment assets were sold in 2022 'No commissions are charged when notoad mutual funds are bought and soid. The Howells' broker issued them a Form 1099.8 showing the sales proceeds net of the commissions paid. For example. the IBM sales Droceeds were redorted as $13700 on the Form 1099-B thev recelved, - No commissions are charged when no-load mutual funds are bought and sold. The Howells' broker issued them a Form 1099. B showing the sales proceeds net of the commissions paid. For example: the IBM sales proceeds were reported as $13.700 on the Form 1099-8 they recelved. In addition to the sales reflected in the table above, the Howelis provided you with the following additional information concerning 2022 - 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 6/30/2022 - In 2016. Mrs. Howell loaned $6,100 to a fiend who was starting a new multlevel marketing company called LD3. The friend declared bankruptcy in 2022, and Mis. Howell has been notified she will not be recelving any repayment of the loan - The Howells have a $2.400 short-term capital loss carfyover and a $4.900 long-term capital loss carryover fiom prior years - The Howells did not instruct their broker to sell any particular lot of IBM stock. - The Howells eamed $3,050 in municipal bond interest, $3,050 in interest from corporate bonds, and $4,100 in qualified dividends. - Assume the Howeils have $132,500 of wage income during the year. Comprehensive Problem 07-63 Part c (Algo) c. Assume the Hovells' short-term caplal loss carryover from prior years is $82.400 rather than $2,400 as indicated above, If this is the case, how much short-term and long-term capital loss cartyover temains to be cairied beyond 2022 to future tax years? Note: Leave no cells blonk - be certain to enter "O" wherever required
