Required Information [The following informotion opplies to the questions disployed below.] During 2023, your clients, Mr. ond Mrs. Howell, owned the following investment ossets: *No commissions are charged when no-losd mutual funds are bought and sold. Becouse of the downturn in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks ond the mutusl fund in 2023 and to reinvest in municipol bonds. The following investment sssets were sold in 2023: *No commissions are charged when no-losd mutual funds are bought and sold. The Howells' broker issued them o Form 1099-B showing the soles proceeds net of the commissions paid. For example, the IBM soles proceeds were reported os $15,600 on the Form 1099B they received. In sddition to the sales reflected in the table sbove, the Howells provided you with the following additionsl information concerning 2023: - The Howells received o Form 1099B from the Vonguard mutual fund reporting o $900 long-term copitsl gain distribution. This distribution was reinvested in 31 additional Vanguard mutual fund shares on 6/30/2023. - In 2017 , Mrs. Howell loaned $8,000 to o friend who was starting a new multilevel marketing company called LD3. The friend declared bankruptcy in 2023 , and Mrs. Howell has been notified she will not be receiving any repsyment of the losn. - The Howells have a $4,300 short-term capital loss corryover and a $6,800 long-term capital loss carryover from prior yeors. - The Howells did not instruct their broker to sell any particular lot of IBM stock. - The Howells eorned $4,000 in municipal bond interest, $4,000 in interest from corporste bonds, and $6,000 in qualified dividends. - Assume the Howells hove $180,000 of woge income during the year. a-3. Compute the Howells' tox lisbility for the year (ignoring the olternative minimum tox and any phose-out provisions) ossuming they file a joint return, they hove no dependents, they don't make any special tox elections, and their itemized deductions total $30,000. (Use the tox rate schedules, Dividends and Copital Gains Tox Rotes.)