Which statement concerning charitable contribution amounts in excess of the applicable AGI limit is correct?
a. Incorrect. There is no carryback for excess contribution amounts.
b. Incorrect. There is no unlimited carryforward for contributions in excess of the applicable AGI limit.
c. Correct. Unused amounts can be carried forward for up to five years; they are subject to the same applicable AGI limits in the carryforward years.
d. Incorrect. It is not true that unused amounts are lost forever and cannot be carried back or forward because of the limited carryforward option.