Which of the following statements is correct with regard to business tax calculation?

		When determining a corporations taxable income, all of the expense items are 100% deductible.
		Net operating losses can be carried back to the past three years and carried forward to the next 15 years.
		Alternative Minimum Tax system applies to small companies and low-income taxpayers.
		Dividend and long-term capital gains usually are levied at a flat tax rate which is comparatively high.