Which of the following statements is CORRECT?
A) Corporations are allowed to exclude 50% of their interest income from corporate taxes.
B) Corporations are allowed to exclude 50% of their dividend income from corporate taxes.
C) Individuals pay taxes on only 30% of the income realized from municipal bonds.
D) Individuals are allowed to exclude 50% of their interest income from their taxes.
E) Individuals are allowed to exclude 50% of their dividend income from their taxes.
Correct Answer:
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