49) Which statement best describes the concept of the "double taxation" of corporation income? A) Corporate income is subject to two levels of taxation: the regular tax and excess profits tax. B) Corporate income is taxed twice at the corporate level: first when earned and then a second time if appreciated property is distributed to a shareholder.

C) Corporate income is taxed when earned by a C corporation and then a second time at the shareholder level when distributed as a dividend.

D) Corporate income is subject to two levels of taxation: at the federal level and a second time at the state level.