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Please solve A,B Required Informetion [The following information applies to the questions displayed below] During 2023, your clients, Mr. and Mrs. Howell, owned the following
Please solve A,B
Required Informetion [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 downturn in the stock market, Mr. and Mrs. Howell decided to sell most of thelr stocks and the mutual fun 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-B showing the sales proceeds net of the commissions pald. For example. the IBM sales proceeds were reported as $13,600 on the Form 1099-B they recelved. In addition to the sales reflected in the table above, the Howells provided you with the following additionat information concerning 2023: - 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 6/30/2023 - In 2017, Mrs. Howell loaned $6,000 to a friend who was starting a new multilevel marketing company called LD3. The frlend declared bankruptcy in 2023, and Mrs. Howell has been notified she will not be recelving any repayment of the loan. - The Howells have a $2,300 short-term capital loss carryover and a $4,800 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 $3,000 in municipal bond interest, $3,000 in interest from corporate bonds, and $4,000 in qualified dividends - Assume the Howells have $130,000 of wage income during the year c. Assume the Howells' short-term capital loss carryover from prior years is $82.300 rather than $2,300 as indicated above. If this is the case, how much short-term and long-term capital loss carryovers remain to be carned beyond 2023 to future tax years? Note: Leave no cells blank - be certain to enter " O " wherever required Step by Step Solution
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