Justin had

• AGI of $106,000 and
• taxable income of $91,000 (after $15,000 itemized deductions).
• His taxes were $15,682.

Here is some additional information. Over and above the AGI above, Justin had EITHER $10,000 in long-term capital gains or $10,000 in short-term capital gains, for total AGI of $116,000.

Required

1. Complete the attached spreadsheet for the two independent scenarios.

1. Comment on what you have learned.