Question
60. Which of the following statements is true based on the Pease limitation implemented by TCJA? a) Upon the implementation of the TCJA, specific itemized
60. Which of the following statements is true based on the Pease limitation implemented by TCJA?
a) Upon the implementation of the TCJA, specific itemized deduction became exempt from the Pease limitation.
b) The Pease limitation was permanently suspended by the TCJA after December 31, 2017.
c) The Pease limitation was suspended by the implementation of the TCJA after December 31, 2017, through December 31, 2025.
d) Under the TCJA high income taxpayers are subject to Pease limitations.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
10th Canadian Edition Volume 2
1118300858, 978-1118300855
