CHAPTER 20 Corporations and Partners ps 20-41 Problems %. L0.2, 3, 4 Using the legend provided below, classify each statement. Legend IApplies only to the income taxation of individuals C- Applies only to the income taxation of C corporations B- Applies to the income taxation of both individuals and C corporations N- Applies to the income taxation of neither individuals nor C corporations a. A foreign tax credit is not available. b. The deduction of charitable contributions is subject to percentage limitation(s) c. xcess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction Excess capital losses can be carried forward indefinitely Excess capital losses cannot be carried back. A net short-term capital gain is subject to the saue tas rare as ordinary inco A domestic production activities deducrion may A dividends received deduction is The like-kind provisions of 1031 are available. In 2016, a taxpayer with a fiscal year of May 1-April 30 has a due a Federal income tax return of July 15 stimated Federal income tax payments may be required e f. 8. me be availabie h. 1. J. not avaiable Lasset transactions during 2016 37