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During $2024,$ 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 their stocks and the mutual fund in $2024$ and to reinvest in municipal bonds. The following investment assets were sold in $2024$:

$*$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 $\backslash (\backslash$$ $13,600\backslash )$ on the Form $1099-$B they received.

In addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning $2024$:

$-$ The Howells received a consolidated Form $1099$ from the Vanguard mutual fund reporting a $\backslash (\backslash$$ $900\backslash )$ long$-$term capital gain distribution. This dividend was reinvested in $31$ additional Vanguard mutual fund shares on $6/30/2024.$

$-$ In $2018,$ Mrs$.$ Howell loaned $\backslash (\backslash$$ $6,000\backslash )$ to a friend who was starting a new multilevel marketing company called LD$3.$ The friend declared bankruptcy in $2024,$ and Mrs$.$ Howell has been notified she will not be receiving any repayment of the loan.

$-$ The Howells have a $\backslash (\backslash$$ $2,300\backslash )$ short$-$term capital loss carryover and a $\backslash (\backslash$$ $4,800\backslash )$ 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 $\backslash (\backslash$$ $3,000\backslash )$ in municipal bond interest, $\backslash (\backslash$$ $3,000\backslash )$ in interest from corporate bonds, and $\backslash (\backslash$$ $4,000\backslash )$ in qualified dividends.

$-$ Assume the Howells have $\backslash (\backslash$$ $130,000\backslash )$ of wage income during the year.

a$-3.$ 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 $\backslash$$$30,000.($Use the tax rate schedules, Dividends and Capital Gains Tax Rates.$)$

Answer is complete but not entirely correct.