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Required informa tion {The following information applies to the questions displayed below} During 2022, yur clients, Mr. and Mrs. Howell, owned the following investment assets: 43,250 147 , e Investent Assets shares Of common 200 shares Of common shares Of Apple preferred 2, 1M shares Of CISCO comon 420 shares Of Vanguard mutual fund Date Acquired 11/22/2819 4/3/2020 12/12/2e2 8/14/2021 3/2/222 Purchase P rice le,25e 52,5 14, 7 rokersCommIssIon a at Of Purchase $ lee Noload fund* No commissions are charged when noload 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 Broker s Coission Pa Investent Assets shares Of shares Of Apple preferred 2, IN shares Of Cisco 451 shares Of Vanguard mutual fund Date Sold 10/5 8/15 12/21 Sale P s 13,700 221, 4 63, 25 15, 70 at Time Of Sale lee Noload fund* No commissions are charged when noload mutual funds are bought and sold. The Howells' broker issued them a Form 10998 showing the sales proceeds net of the commissions paid. For example, the IBM sales proceeds were reported as $13,600 on the Form 1099-8 they received. In addition to the sales reflected in the table above, the Howells provided with the following additional information concerning 2022: The Howells received a Form 1099-8 from the Vanguard mutual fund reporting a S900 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 S6,OOO 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 $2,300 short-term capital loss carryover and a $4,800 long-term capital loss carryover from years. The Howells did not instruct their broker to sell any particular lot of IBM stock. The Howells eamed S3,OOO in municipal bond interest, $3,000 in interest from ccrporate bonds, and $4,000 in qualified dividends. Assume the Howells have S130000 of wage income during the year. a2. 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 S30000. (Use the tax rate schedules, Dividends and Canital Gains Tax Rates.)