Question: Wayne is single and has no dependents. Without considering his $11,000 adjusted net capital gain (ANCG), his taxable income, which includes no investment income, in

Wayne is single and has no dependents. Without considering his $11,000 adjusted net capital gain (ANCG), his taxable income, which includes no investment income, in 2016 is as follows:

AGI $259,400

Home mortgage interest $22,100

State and local income taxes $8,000

Charitable contributions $7,000

Personal exemptions $4,050 $41,150

Taxable income $218,250

a. What is Wayne's tax liability without the ANCG?

b. What is Wayne's tax liability with the ANCG?

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