D21 McGraw X M Question X Search Re X C During 20 X G During 20 X G course he * * Course He X C PLZ HELP X New Tab X X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi... T . .. Chapter 7 Application/Critical Thinking Activity i Saved Help Save & Exit Submit Check my work During 2024, your clients, Mr. and Mrs. Howell, owned the following investment assets: Broker's Commission Paid Part 1 of 2 Investment Assets Date Acquired Purchase Price at Time of Purchase 300 shares of IBM common (NYSE: IBM) 11/22/2021 $ 10,560 $ 100 200 shares of IBM common (NYSE: IBM) 4/3/2022 43, 460 300 3,000 shares of Apple preferred (NASDAQ: AAPL) 12/12/2022 168, 000 1, 300 8/14/2023 54, 600 550 50 2, 100 shares of Cisco common (NASDAQ: CSCO) 420 shares of Vanguard mutual fund 3/2/2024 16, 800 No-load fund* points *No commissions are charged when no-load mutual funds are bought and sold. eBook Because of the downturn in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks and the mutual fund Print in 2024 and to reinvest in municipal bonds. The following investment assets were sold in 2024: References Broker's Commission Paid at Investment Assets Date Sold Sale Price Time of Sale 300 shares of IBM common 5/6 $ 15, 800 $ 100 3,000 shares of Apple preferred 10/5 223, 500 2,000 2,100 shares of Cisco common 8/15 63, 460 650 451 shares of Vanguard mutual fund 12/21 17, 800 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, Mc Graw Hill 1 94 F Q Search 7:08 PM Sunny 9 8/29/2024D21 McGraw X M Question X Homewor X C During 20 X G During 20 X G course he * * Course He X C PLZ HELP X New Tab X X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi... * T . .. Chapter 7 Application/Critical Thinking Activity i Saved Help Save & Exit Submit Check my work ! Required information (6) Short-term transactions reported on Form(s) 1099-B showing basis wasn't reported to the IRS (C) Short-term transactions not reported to you on Form 1099-B Part 1 of 2 e) Cost or other Adjustment, if any, to gain or loss. If basis. See the you enter an amount in column (9), (h) Gain or (loss) (a) Description of Note below and enter a code in column (f). See the Subtract column (e) property (Example: (b) Date acquired (c) Date sold or (d) Proceeds see Column (e) in separate instructions from column (d) and 100 shares XYZ disposed of (Month, (sales price) (see the separate combine the result with 50 (Month, day, year) Company) day, year) instructions) (f Code(s) from g) Amount of instructions column (9) instructions adjustment points 451 shares Vanguard 17,800 17,700 100 mutual fund 12/21/2024 eBook Nonbusiness bad 12/31/2024 debt 0 Print References 2 Totals. Add the amounts in columns (d), (e), (9), and (h) (subtract nenative amountel Enter each total here and include on your Mc Graw Hill 1 94 F 7:09 PM Q Search Sunny 9 8/29/2024@ (BT =gy =l el o]t Help Save & Exit Submit Chapter 7 Application/Critical Thinking Activity Saved 1 1 1 1 1 1 o i Required information Part1of2 - 50 paints eBook 2 Totals. Add the amounts in columns (d), (). (g), and (h) (subtract negative amounts). Enter each fotal here and include on your Schedule D, line 8b (if Box = D above is checked), line 9 (if Box E above is checked), or line 10 rint (if Box F above is checked) > o 0 o Note: If you checked Box D above but the basis reported to the IRS was incomrect, enter in column (&) the basis as reported to the IRS. and enter and adjustment in column (g) to carrect the basis See Column (g) in the separate instructions for how to figure the amount of the adjustment. THIS FORM IS A SIMULATION OF AN OFFICIAL U.5. TAX FORM. IT 15 NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS Form 8949 FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. Source; irs.gov (2022) L T LR e ] Schedule D > - 94F TO9PM o Q Search P E Sunny PO NP} D21 McGraw X M Question X Homewor X C During 20 X G During 20 X G course he * * Course He X C PLZ HELP X New Tab X X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi... * T . .. Chapter 7 Application/Critical Thinking Activity i Saved Help Save & Exit Submit Check my work I see Instructions, However IT voll choose in renon all These ! Required information 2 Totals for all transactions reported on Form(s) 8949 with Box B checked Part 1 of 2 3 Totals for all transactions reported on Form(s) 8949 with Box C checked 4 Short-term gain from Form 6252 and short-term gain or (loss) from Forms 4684, 6781, and 8824 5 Net short-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 50 6 Short-term capital loss carryover. Enter the amount, if any, from line 8 of your Capital Loss Carryover Worksheet in the points instructions 7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). If you have any long-term capital gains or losses, go to eBook Part II below. Otherwise, go to Part III on the back Part II Long-Term Capital Gains and Losses-Generally Assets Held More Than One Year (see instructions) Print See instructions for how to figure the amounts to enter on the lines below. g) Adjustments to gain or loss from (h) Gain or (loss) Subtract column (e) References (d) Proceeds (e) Cost (or other (sales price) basis Form(s) 8949 from column (d) and combine the This form may be easier to complete if you round off cents to whole Part II, line 2, result with column (9) dollars. column (9) Sa Totals for all long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 8b 8b Totals for all transactions reported on Form(s) 8949 with Box D checked 0 9 Totals for all transactions reported on Form(s) 8949 with Box E Mc Graw Hill 1 94 F Q Search 7:10 PM Sunny 9 8/29/2024M Question X * Homewo X | [@ During X | @ During2t X | @ cousehe X Cours x @ rzHEr x| @& 23 ezto.mheducation.com/ext/map/index.htm|?_con= xternal_brow: aunchUr=http 252Fnewconnect.mheducation.col Chapter 7 Application/Critical Thinking Activity Saved Help Save & Exit Submit Required information basis was reported to the IRS and for which you have ne adjustments (see instructions). However, if you choose to report all these Part10f 2 ' ! ! P transactions on Form 8949, leave this line blank and go to line &b 8b Totals for all transactions reported on Form(s) 8949 with Box D 0 checked 9 Totals for all transactions reported on Form(s) 8949 with Box E 50 checked points 10 Totals for all transactions reported on Form(s) 8949 with Box F checked 11 Gain from Form 4797, Part |. long-term gain from Forms 2439 and 6252; and long-ferm gain or {loss) from Forms 4684, 6781, and 11 8824 12 Met long-term gain or {loss) from parinerships, S corperations, estates, and trusts from Schedule(s) K-1 12 PBrint 13 Capital gain distributions. See the instructions 13 14 Long-term capital loss carryover. Enter the amount, if any. from line 13 of your Capital Loss Carryover Worksheet in the (Enter as References instructions negative) 14 eBook 15 Met long-term capital gain or {loss). Combine lines &a through 14 in column {h). Then, go to Part lll on the back 15 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. Mo. 11338H Schedule D (Form 1040) 2023 THIS FORM 15 A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. Source: irs.gov Form 8949 PG2 Required A > @ Prey. 12 Next > D21 McGraw X M Question X Homewor X C During 20 X G During 20 X G course he * * Course He X C PLZ HELP X New Tab X X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activi... * T . .. Chapter 7 Application/Critical Thinking Activity i Saved Help Save & Exit Submit Check my work ! Required information Mr. Howell social security number: 412-34-5670 Part 1 of 2 Note: Negative amounts should be indicated by a minus sign. Use 2024 tax rules regardless of year on tax form. 50 Complete this question by entering your answers in the tabs below. points Form 8949 Form 8949 eBook PG1 PG2 Schedule D Required A Print Compute the Howells' tax liability for the year. References Howells' tax liability for the year Mc Graw Hill 1 94 F Q Search 9 7:10 PM Sunny 8/29/2024