. A corporate bond pays interest at a rate of 8% per year and a municipal bond pays interest at a rate of 6% per year. The municipal bond will produce more after tax income than the corporate bond for a taxpayer whose:

a. income tax rate is less than 33 1/3%

b. income tax rate exceeds 25%

c. gift tax rate exceeds 40%

d. adjusted basis in the bond is depreciable

e. income tax rate is less than 25%