Which of the following statements concerning the overall limitation on itemized deductions is true?
A) The limitation has no effect on a taxpayer's standard deduction.
B) The limitation can reduce a taxpayer's total itemized deductions to zero.
C) The limitation applies only to taxpayers with a 39.6% marginal income tax rate.
D) Statements A., B., and C. are false.
Correct Answer:
Verified
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