The CARES Act resulted in each of the following changes to the normally applicable federal income tax rules for C Corporations during the 2020 tax year EXCEPT:

Question 25 options:

charitable contribution modified taxable income limitation can be increased from 10% to 25% for certain contributions

net operating loss deduction incurred in tax years beginning after 2017 and before 2021 can be carried back two years

business interest expenses deduction is limited to 50% of adjusted taxable income

first and second estimated tax payments were due on July 15, 2020 for calendar year C corporations