Income limitation
The amount excludable from gross income under subsection (a) for any taxable year shall be reduced (but not below zero) by an amount which bears the same ratio to the amount so excludable (determined without regard to this paragraph but with regard to paragraph (1)) as—
(A)#
the amount (if any) by which the taxpayer’s adjusted gross income exceeds $150,000, bears to
(B)#
$40,000.