Which of the following is a true statement?
A) A married filing joint taxpayer with AGI of $500,000 would not be able to deduct personal and dependency exemptions.
B) Personal exemptions, but not dependency exemptions, are subject to phase-out.
C) Itemized deductions, but not exemptions, are subject to phase-out.
D) At most, only 80% of exemptions are subject to phase-out.
E) None of the choices are true.
Correct Answer:
Verified
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