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True or False 1. Corporations may carry excess charitable contributions forward five years, but they may not carry them back. 2. Corporations are not allowed

True or False

1. Corporations may carry excess charitable contributions forward five years, but they may not carry them back.

2. Corporations are not allowed to deduct charitable contributions in excess of a percentage of charitable contribution limit modified taxable income (taxable income before the charitable contribution and certain other deductions).

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