Final answer:
The claim that personal and dependency exemptions are available for taxpayers, their spouses, and dependents is false since these exemptions were eliminated by the Tax Cuts and Jobs Act of 2017.
Step-by-step explanation:
The statement that personal exemptions are those granted to the taxpayer and spouse, and dependency exemptions are those allowed for a qualifying child or a qualifying relative is False.
As of the Tax Cuts and Jobs Act of 2017, personal and dependency exemptions were eliminated for tax years 2018 through 2025.
Taxpayers can no longer claim a personal or dependency exemption for themselves, their spouse, or their dependents.
This significant change simplifies the process of calculating taxable income, as the previous exemptions have been replaced by a higher standard deduction and other potential tax credits aimed at families, such as the Child Tax Credit and the Earned Income Tax Credit.