True or False:

1. A corporation's deduction for charitable contributions is limited to 50 percent of adjusted taxable income.
2. Cash basis corporations can only deduct charitable contributions in the year made.
3. A corporation may carry a capital loss back 2 years and forward 20 years.
4. A corporation can carry forward a net operating loss indefinitely.
5. A corporation contributing wholesome food inventory to a charitable organization can deduct no more than its cost of the food.
6. Code Secs. 267 and 1239 apply to transactions between shareholders and their "controlled" corporations.
7. In all circumstances, organizational expenditures must always be capitalized but may be amortized over 60 months or longer.
8. The full dividends received deduction is not permitted if the corporation has a net operating loss for the year.
9. The corporate income tax rate is a flat 21 percent for all corporations with taxable income.
10. A brother-sister controlled group can file a consolidated return if all members of the group consent.