Which statement is FALSE with respect to a corporation?

Question $30$ options:

a$)$

$$A corporation is a legal entity, separate from its owners, even if there is only one shareholder.

b$)$

A corporation, unlike an individual, is not allowed to reduce ordinary income by a capital loss, but can carry it back three years and forward five years to offset capital gains.

c$)$

Each shareholder is treated as the owner of a direct and undivided interest in corporate $$assets$,$ liabilities and operations.

d$)$

Shareholders generally are not liable for any debts of the corporation beyond the value of their investments.