Which one of the following statements is true?

A taxpayer's adjusted gross income is calculated by reducing the taxpayer's gross income by any exclusions available to the taxpayer.

A taxpayer's taxable income is calculated by reducing the taxpayer's adjusted gross income by deductions "for" AGI.

A taxpayer's gross income is calculated by reducing the taxpayer's taxable income by the taxpayer's adjusted gross income.

A taxpayer's adjusted gross income is calculated by reducing the taxpayer's gross income by deductions "for" AGI.

A taxpayer's taxable income is calculated by reducing the taxpayer's gross tax liability by any exclusions available to the taxpayer.