. (TCO F) When comparing corporate and individual taxation, the following statements are true, except:

Individuals have exemptions and a standard deduction; corporations do not. Both corporate and individual taxpayers may have a long-term capital loss carryforward. All taxpayers may carry net operating losses back two years, forward 20 years. Both types of taxpayers have percentage limitations on the charitable contribution deduction, coupled with a carryover of the excess contribution.