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Which of the following statements is NOT correct regarding the net investment income tax? The tax is imposed on earned income. The tax is equal

Which of the following statements is NOT correct regarding the net investment income tax? The tax is imposed on earned income. The tax is equal to 3.8% of the lesser of net investment income or MAGI in excess of a statutory threshold. Net investment income includes gains from the sale of investment property. Net investment income excludes gains from the sale of business use assets. For individuals without foreign earned income MAGI is the same as AGI.

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