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both questions please :) ) Which of the following statements conceming the overall limitation on itemized deductions is true? A) The limitation has no effect
both questions please :)
) Which of the following statements conceming the overall limitation on itemized deductions is true? A) The limitation has no effect on a taxpayer's standard deduction. B) The limitation applies only to taxpayers with a 39 C) The limitation can reduce a taxpayer's total itemized deductions to zero. D) Statements A., B., and C. are false. .6% m o marginal income tax rate. Which of the following stat A) The phaseout applies only to taxpayers with a 39.6% marginal income tax rate. B) The phaseout doesn't apply to taxpayers who use the standard deduction insterad electing to itemize deductions. C) The phaseout can reduce a taxpayer's exemption amount to zero. D) Statements A., B., and C. are falseStep by Step Solution
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