[The following information applies to the questions displayed below.] During 2022, your clients, Mr. and Mrs. Howell, owned the following investment assets: Broker's Commission Paid Investment Assets 300 shares of IBM common 200 shares of IBM common 3,000 shares of Apple preferred 2,100 shares of Cisco common 420 shares of Vanguard mutual fund Date Acquired 11/22/2019 Purchase Price $ 10,350 at Time of Purchase $ 100 300 1,300 550 4/3/2020 12/12/2020 8/14/2021 3/2/2022 *No commissions are charged when no-load mutual funds are bought and sold. 43,250 147,000 52,500 14,700 No-load fund* 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 reinvest in municipal bonds. The following investment assets were sold in 2022: Investment Assets 300 shares of IBM common 3,000 shares of Apple preferred 2,100 shares of Cisco common 451 shares of Vanguard mutual fund Broker's Commission Paid Date Sold 5/6 10/5 8/15 12/21 Sale Price $ 13,700 221,400 63,250 15,700 at Time of Sale $ 100 2,000 650 No-load fund* *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 $13,600 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 2022: The Howells received 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 6/30/2022. In 2016, Mrs. Howell loaned $6,000 to a friend who was starting a new multilevel marketing company called LD3. The friend declared bankruptcy in 2022, and Mrs. Howell has been notified she will not be receiving any repayment of the loan.