Select the best answer The Tax Cuts and Jobs Act imposes an excise tax on which of the following? 0 A. Gain from the sale or exchange of a partnership interest B. The net investment income of certain private universities and colleges C. Post termination transition period cash distributions during an Scorporation conversion to C corporation A taxpayer's qualified business income (OBI) from a partnership, Scorporation, or sole proprietorship Which of the following did the Tax Cuts and Jobs Act enact regarding individual taxpayers? A. A reduction in individual tax brackets from seven brackets to three B. An excess farm loss limitation C. A removal of the state and local tax deduction C D . Changes to the tax rates used for the kiddie lax