True or False? Explain.
a. In undertaking tax-planning strategies, the effective tax rate has no meaning.
b. In calculating marginal tax rates for the purpose of determining investment and financing clienteles, it is appropriate to ignore future taxes.
c. By borrowing, taxpayers can always reduce their personal tax rate on partnership income to the implicit tax rate on municipal bonds.
d. The marginal tax rate of firms with net operating loss carry forwards (NOLs) is below that of firms currently paying tax by a discount factor reflecting the delay in when the NOL firm is expected to begin paying taxes.