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1.Which of the following statements concerning the exemption phaseout is true ? a.The phaseout applies only to taxpayers with a 39.6% marginal income tax rate.
1.Which of the following statements concerning the exemption phaseout istrue?
a.The phaseout applies only to taxpayers with a 39.6% marginal income tax rate.
b.The phaseout can reduce a taxpayer's exemption amount to zero.
c.The phaseout doesn't apply to taxpayers who use the standard deduction instead of electing to itemize deductions.
d.Statements A., B., and C. are false.
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