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Required information [ The following information appiles to the questions displayned beiow. ] During 2 0 2 3 , your clients, Mr . and Mrs
Required information
The following information appiles to the questions displayned beiow.
During your clients, Mr and Mrs Howrel, owned the following inwestment assets:
No commissions are charged when noload mutual funds are bought and sold.
Because of the downturn in the stock market, Mc and Mrs Howell decided to sell most of their stocks and the mutual fund
in and to reinvest in municipal bonds. The following irwestment assets were sold in :
No commissions are charged when noload mutual funds are bought and sold.
The Hawels' broker issued them a Form B showing the sales proceeds net of the commissions paid. For example,
the IBM sales proceeds were reported as $ on the Form B they received.
In addition to the sales reflected in the table above, the Howeils provided you with the following additional information
conceming :
The Howels recelved a Form from the Vanguard mutual fund reporting a $ longterm capital gain
distribution. This distribution was reinvested in additional Vanguard mutual fund shares on
In Mrs Howel loaned $ to a friend who was starting a new multilevel marketing compary called LD The
friend declared bankruptcy in and Mrs Hawell has been notified she will nat be receiving any repayment of the
loan.
The Howels have a $ short term capital loss carryover and a $ longterm capital loss carryover from prior
years.
The Howels did nat instruct their broker to sell ary particular lot of IBM stack.
The Howels camed $ in municipal bond interest, $ in interest from corporate bonds, and $ in qualified
dividends.
Assume the Howeils hawe $ of wage income during the year.
Use Form and page af Schedule D to compute net longterm and shart term capital gains. Then, compute the Howels' tax
labilty for the year ignoring the altemative minimum tax and any phaseout provisions assuming they file a joint return, they have no
dependents, they don't make any special tax elections, and their itemized deductions total $ Assume that asset bases are
eported to the IRS. Use the tax rate schedules, Dividends and Cagital Gains Tax Rates
Mr Howeil social security number:
Note: Negative amounts should be indicated by a minus sign. Use tax rules regardless of year on tax form.
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