Question: During 2 0 2 3 , your clients, Mr . and Mrs . Howell, owned the following investment assets: table [ [ Investment Assets,Date
During your clients, Mr and Mrs Howell, owned the following investment assets:
tableInvestment Assets,Date Acquired,Purchase Price,tableBrokers CommissionPaid at Time ofPurchase shares of IBM common NYSE: IBM$$
the IBM sales proceeds were reported as $ on the Form they received.
In addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning :
The Howells received a Form B from the Vanguard mutual fund reporting a $ longterm capital gain distribution. This distribution was reinvested in additional Vanguard mutual fund shares on
In Mrs Howell loaned $ to a friend who was starting a new multilevel marketing company called LD The friend declared bankruptcy in and Mrs Howell has been notified she will not be receiving any repayment of the loan.
The Howells have a $ shortterm capital loss carryover and a $ longterm capital loss carryover from prior years.
The Howells did not instruct their broker to sell any particular lot of IBM stock.
The Howells earned $ in municipal bond interest, $ in interest from corporate bonds, and $ in qualified dividends.
Assume the Howells have $ of wage income during the year.
c Assume the Howells' shortterm capital loss carryover from prior years is $ rather than $ as indicated above. If this is the case, how much shortterm and longterm capital loss carryovers remain to be carried beyond to future tax years?
Note: Leave no cells blank be certain to enter wherever required.
tableShortterm capital loss,$
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