Identify which of the following statements is false.

The passive loss rules do not apply to widely held C corporations

Casualty losses incurred by a corporation are deductible subject to a nondeductible floor similar to those applicable to individuals.

Corporations may receive a deduction for dividends received from other corporations.

A corporation with annual gross receipts of $$5,000,000$ or less can use the accrual method to account for sales, cost of goods sold, inventories, accounts receivable and payable, and the cash method for other income and expenses