Required Information [The following information applies to the questions displayed below.] Durlng 2022, your cllents, 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 2022 and to relnvest In municipal bonds. The following Investment assets were sold in 2022: 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 $14,700 on the Form 1099-B they recelved. In addition to the sales reflected In the table above, the Howells provided you with the following additional Information concerning 2022 : - The Howells recelved a Form 1099-B from the Vanguard mutual fund reporting a $900 long-term capital gain distribution. This distribution was relnvested in 31 additional Vanguard mutual fund shares on 6/30/2022. - In 2016, Mrs. Howell loaned $7,100 to a frlend who was starting a new multllevel marketing company called LD3. The frlend declared bankruptcy In 2022 , and Mrs. Howell has been notlfied she will not be recelving any repayment of the loan. - The Howells have a $3,400 short-term capltal loss carryover and a $5,900 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 $3,550 in municipal bond Interest, $3,550 in Interest from corporate bonds, and $5,100 in qualified dividends. - Assume the Howells have $157,500 of wage Income during the year. c. Assume the Howells' short-term capital loss carryover from prior years is $83,400 rather than $3,400 as Indicated above. If this Is the case, how much short-term and long-term capltal loss carryover remains to be carrled beyond 2022 to future tax years? Note: Leave no cells blank - be certain to enter " 0 " wherever required. Answer is complete but not entirely correct. Required Information [The following information applies to the questions displayed below.] Durlng 2022, your cllents, 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 2022 and to relnvest In municipal bonds. The following Investment assets were sold in 2022: 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 $14,700 on the Form 1099-B they recelved. In addition to the sales reflected In the table above, the Howells provided you with the following additional Information concerning 2022 : - The Howells recelved a Form 1099-B from the Vanguard mutual fund reporting a $900 long-term capital gain distribution. This distribution was relnvested in 31 additional Vanguard mutual fund shares on 6/30/2022. - In 2016, Mrs. Howell loaned $7,100 to a frlend who was starting a new multllevel marketing company called LD3. The frlend declared bankruptcy In 2022 , and Mrs. Howell has been notlfied she will not be recelving any repayment of the loan. - The Howells have a $3,400 short-term capltal loss carryover and a $5,900 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 $3,550 in municipal bond Interest, $3,550 in Interest from corporate bonds, and $5,100 in qualified dividends. - Assume the Howells have $157,500 of wage Income during the year. c. Assume the Howells' short-term capital loss carryover from prior years is $83,400 rather than $3,400 as Indicated above. If this Is the case, how much short-term and long-term capltal loss carryover remains to be carrled beyond 2022 to future tax years? Note: Leave no cells blank - be certain to enter " 0 " wherever required. Answer is complete but not entirely correct