Using the legend provided, classify each statement accordingly. a. Appliesonlyto the income taxation of individuals b. Appliesonlyto the income taxation of C corporations c. Applies toboththe income taxation of individuals and of C corporations d. Applies toneitherthe income taxation of individualsnorof C corporations

Tax rates are progressive.

A net short-term capital loss can be used to offset a net long-term capital gain.

An excess long-term capital loss carryover is first used to offset current long-term capital gains.

A domestic production activities deduction is available.

Excess capital losses can be offset against ordinary income on a limited basis.

A cash basis taxpayer cannot deduct a charitable contribution until the year of payment.

Net long-term capital gains cannot be taxed at a rate in excess of 10%.

The foreign tax credit is available.

Like-kind exchange provisions apply.

Interest on municipal bonds is excluded from gross income.