Required information [The following information applies to the questions displayed below.] During...

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Accounting

Required information
[The following information applies to the questions displayed below.]
During 2024, your clients, Mr. and Mrs. Howell, owned the following investment assets:
*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:
*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 LD3. 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.
c. Assume the Howells' short-term capital loss carryover from prior years is \(\$ 82,300\) rather than \(\$ 2,300\) as indicated above. If this is the case, how much short-term and long-term capital loss carryovers remain to be carried beyond 2024 to future tax years?
Note: Leave no cells blank - be certain to enter "O" wherever required.
Answer is complete but not entirely correct.
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