Which statement is incorrect with respect to the treatment of net operating losses by corporations?

1. A corporation may claim dividends received deduction in computing an NOL.

2. A corporation may elect to forgo the carryback period, and just carry forward an NOL.

3. Unlike individuals, corporations do not adjust their NOLs for net capital losses or nonbusiness deductions.

4. An NOL is generally carried back 2 years and forward 20 years.

5. None of the above