A taxpayer is considering a tax planning strategy which delays the recognition of income (i.e., a timing strategy). Under which of the following scenarios would such a tax planning strategy have the greatest value? Multiple Choice The taxpayer faces a high marginal tax rate and is able to defer the recognition of income by one year. The taxpayer faces a high marginal tax rate and is able to defer the recognition of income by several years. The taxpayer faces a low marginal tax rate and is able to defer the recognition of income by one year. The taxpayer faces a low marginal tax rate and is able to defer the recognition of income by several years.