Tax Characteristics of Corporations Include Which of the Following

Multiple Choice

Tax characteristics of corporations include which of the following?
I.At higher income levels, the lower tax rates phase out by the use of a surtax.
II.The corporate tax rates are 10%, 12%, 22%, 24%, 32%, 35% and 37%.
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A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.