Manshukh During 2023, your clients, Mr. and Mrs. Howell, owned the following investment assets:Investment Assets300 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 fund*No commissions are charged when no-load mutual funds are bought and sold.Date Acquired11/22/20204/3/202112/12/20218/14/20223/2/2023Investment Assets300 shares of IBM common3,000 shares of Apple preferred2,100 shares of Cisco common451 shares of Vanguard mutual fundBecause of the downturn in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks and the mutual fundin 2023 and to reinvest in municipal bonds. The following investment assets were sold in 2023:.Purchase Price$ 10,35043,250147,00052,50014,700.Date Sold5/610/58/1512/21Broker's Commission Paidat Time of Purchase$ 1003801,300550Sale Price$ 13,700221,40063,25015,780No-load fundShort-term capital lossLong-term capital loss*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 $13,600 on the Form 1099-B they received.Broker's Commission Paid atTime of Sale$ 1002,000650In addition to the sales reflected in the table above, the Howells provided you with the following additional informationconcerning 2023:No-load Fund. The Howells received a Form 1099-B from the Vanguard mutual fund reporting a $900 long-term capital gaindistribution. This distribution was reinvested in 31 additional Vanguard mutual fund shares on 6/30/2023.. In 2017, Mrs. Howell loaned $6,000 to a friend who was starting a new multilevel marketing company called LD3. Thefriend declared bankruptcy in 2023, and Mrs. Howell has been notified she will not be receiving any repayment of theloan.The Howells have a $2,300 short-term capital loss carryover and a $4,800 long-term capital loss carryover from prioryears.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 inqualified 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 isthe case, how much short-term and long-term capital loss carryovers remain to be carried beyond 2023 to future tax years?Note: Leave no cells blank - be certain to enter "0" wherever required.

First we need to categorize long term and short term sales. All sales except vanguard mutual fund…

Investment Assets 300 shares of IBM common Date Sold 5/6 10/5 8/15 12/21 Sale Price $ 13,700 221,400 63,250 15,700 Broker's Commission Paid at Time of Sale $ 100 3,000 shares of Apple preferred 2,100 shares of Cisco common 451 shares of Vanguard mutual 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. he IBM sales proceeds were reported as $13,600 on the Form 1099-B they received. 2,000 650 No-load Fund" in addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning 2023: -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 6/30/2023. -In 2017, Mrs. Howell loaned $6,000 to a friend who was starting a new multilevel marketing company called LD3. The friend declared bankruptcy in 2023, 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 carn

Investment Assets 300 shares of IBM common Date Sold 5/6 10/5 8/15 12/21 Sale Price $ 13,700 221,400 63,250 15,700 Broker's Commission Paid at Time of Sale $ 100 3,000 shares of Apple preferred 2,100 shares of Cisco common 451 shares of Vanguard mutual 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. he IBM sales proceeds were reported as $13,600 on the Form 1099-B they received. 2,000 650 No-load Fund" in addition to the sales reflected in the table above, the Howells provided you with the following additional information concerning 2023: -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 6/30/2023. -In 2017, Mrs. Howell loaned $6,000 to a friend who was starting a new multilevel marketing company called LD3. The friend declared bankruptcy in 2023, 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 carn

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Manshukh

During 2023, 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 fund
*No commissions are charged when no-load mutual funds are bought and sold.
Date Acquired
11/22/2020
4/3/2021
12/12/2021
8/14/2022
3/2/2023
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
Because of the downturn in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks and the mutual fund
in 2023 and to reinvest in municipal bonds. The following investment assets were sold in 2023:
.
Purchase Price
$ 10,350
43,250
147,000
52,500
14,700
.
Date Sold
5/6
10/5
8/15
12/21
Broker's Commission Paid
at Time of Purchase
$ 100
380
1,300
550
Sale Price
$ 13,700
221,400
63,250
15,780
No-load fund
Short-term capital loss
Long-term capital loss
*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.
Broker's Commission Paid at
Time of Sale
$ 100
2,000
650
In addition to the sales reflected in the table above, the Howells provided you with the following additional information
concerning 2023:
No-load Fund
. 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 6/30/2023.
. In 2017, Mrs. Howell loaned $6,000 to a friend who was starting a new multilevel marketing company called LD3. The
friend declared bankruptcy in 2023, 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 2023 to future tax years?
Note: Leave no cells blank - be certain to enter "0" wherever required.

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