During $2024,$ your clients, Mr$.$ and Mrs$.$ Howell, owned the following investment assets:Investment Assets$300$ shares of IBM common $($NYSE: IBM$)200$ shares of IBM common$($NYSE: IBM$)3,000$ shares of Apple preferred $($NASDAQ: AAPL$)2,100$ shares of Cisco common$($NASDAQ: CSCO$)420$ shares of Vanguard mutual fundDate Acquired$11/22/20214/3/202212/12/20228/14/20233/2/2024$Purchase Price$ $10,35043,250147,00052,50014,700$Broker's CommissionPaid at Time ofPurchase$ $1003001,300550$No$-$load fund$**$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 $2024$ and to reinvest in municipal bonds. The following investment assets were sold in $2024$:Investment Assets$300$ shares of IBM common$3,000$ shares of Apple preferred$2,100$ shares of Cisco common$451$ shares of Vanguard mutual fundDate Sold$5/630/512/21$Sale Price$ $13,700221,40063,25015,700$Broker's Commission Paid at Time of Sale$2,100650$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 $$13,600$ on the Form $1099-$B they received.In addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning $2024$: The Howells received a consolidated Form $1099$ from the Vanguard mutual fund reporting a $$900$ long$-$term capital gain distribution. This dividend was reinvested in $31$ additional Vanguard mutual fund shares on $6/30/2024.$ In $2018,$ Mrs$.$ Howell loaned $$6,000$ to a friend who was starting a new multilevel marketing company called LD$3.$ The friend declared bankruptcy in $2024,$ and Mrs$.$ Howell has been notified she will not be receiving any repayment of the loan. The Howells have a $$2,300$ short$-$term capital loss carryover and a $$4,800$ long$-$term capital loss carryover from prior years. The Howells did not instruct their broker to sell any particular lot of IBM stock. The Howells earned $$3,000$ in municipal bond interest, $$3,000$ in interest from corporate bonds, and $$4,000$ in qualified dividends. Assume the Howells have $$130,000$ of wage income during the year.

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