Ordinary Income/Loss Separately Stated Items (2 of 2) S corps cannot deduct Dividends-received deduction Personal or dependency exemption Personal' itemized deductions Taxes paid/accrued to foreign count Charitable contributions Oil gas depletion or NOL carrybacks 1212 Ordinary Income/Loss & Separately Stated Items (2 of 2) S corps cannot deduct –Dividends-received deduction –Personal or dependency exemption – “Personal” itemized deductions –Taxes paid/accrued to foreign country –Charitable contributions –Oil & gas depletion or NOL carrybacks