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Required information [The following information applies to the questions displayed below] During 2023, your clients, 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 2023 and to reinvest in municipal bonds. The following investment assets were sold in 2023: "No commissions are charged when no-load mutual funds are bought and sold. The Howells' broker issued them a Form 1099 - 8 showing the sales proceeds net of the commissions paid. For example. the IBM sales proceeds were reported as $13,800 on the form 1099-8 they recelved. In addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning 2023: - The Howells recelved a Form 10998 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 $6,200 to of friend who was starting a new multilevel matketing company called LD3. The friend declared bankruptcy in 2023, and Mrs. Howell has been notified she will not be recelving any repayment of the loan. - The Howells have a $2,500 short-term capital loss carryover and a $5,000 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 earned $3,100 in municipal bond interest, $3,100 in interest from corporate bonds, and $4,200 in qualified dividends. - Assume the Howelis have $135,000 of wage income during the year. a. Use Form 8949 and page 1 of Schedule D to compute net long-term and short-term capital gains. Then, 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. Assume that asset bases are reported to the IRS. (Use the tax rate schedules. Dividends and Capital Gains Tax Rates.) Mr. Howell social security number: 412-34-5670 Note: Negative amounts should be indicated by a minus sign. Use 2023 tax rules regardless of year on tax form. Complete this question by entering your answers in the tabs below. Compute the Howells' tax liability for the year. c. Assume the Howell's' short-term capital loss carryover from prior years is $82,500 rather than $2,500 as indicated above. If this is the case, how much short-term and long-term capltal loss carryovers remain to be carrfed beyond 2023 to future tax years? Note: Leave no cells blank - be certain to enter " 0 " wherever required. Required information [The following information applies to the questions displayed below] During 2023, your clients, 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 2023 and to reinvest in municipal bonds. The following investment assets were sold in 2023: "No commissions are charged when no-load mutual funds are bought and sold. The Howells' broker issued them a Form 1099 - 8 showing the sales proceeds net of the commissions paid. For example. the IBM sales proceeds were reported as $13,800 on the form 1099-8 they recelved. In addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning 2023: - The Howells recelved a Form 10998 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 $6,200 to of friend who was starting a new multilevel matketing company called LD3. The friend declared bankruptcy in 2023, and Mrs. Howell has been notified she will not be recelving any repayment of the loan. - The Howells have a $2,500 short-term capital loss carryover and a $5,000 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 earned $3,100 in municipal bond interest, $3,100 in interest from corporate bonds, and $4,200 in qualified dividends. - Assume the Howelis have $135,000 of wage income during the year. a. Use Form 8949 and page 1 of Schedule D to compute net long-term and short-term capital gains. Then, 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. Assume that asset bases are reported to the IRS. (Use the tax rate schedules. Dividends and Capital Gains Tax Rates.) Mr. Howell social security number: 412-34-5670 Note: Negative amounts should be indicated by a minus sign. Use 2023 tax rules regardless of year on tax form. Complete this question by entering your answers in the tabs below. Compute the Howells' tax liability for the year. c. Assume the Howell's' short-term capital loss carryover from prior years is $82,500 rather than $2,500 as indicated above. If this is the case, how much short-term and long-term capltal loss carryovers remain to be carrfed beyond 2023 to future tax years? Note: Leave no cells blank - be certain to enter " 0 " wherever required