Is a corporation limited in the deduction in the same way an individual is ie. no deduction for dividends from REIT and foreign corporations??

There are two things:-

1.) Individual gets the lower tax rate for dividends 15% and dividends from REIT and foreign corporations are not qualified for this lower tax rate.

2.) Dividend received deduction is for corporations. Note that in order for the deduction to apply, the corporation paying the dividend must also be liable for tax.

       A corporation that pays dividends has a shareholder, who is not an individual but another corporation. In such a scenario, the first corporation pays tax on its income. The shareholder, who is a C corporation, has dividend income, which is potentially taxable. Finally, if the second corporation decides to pay dividends to its shareholders, that same money could be taxed a third time. The purpose of the dividends received deduction is to soften the tax consequences when this occurs. The dividends received deduction reduces, and sometimes eliminates, the amount of dividend income on which a corporate shareholder has to pay tax.

Corporations cannot take a deduction for dividends received from the following entities:

1. A real estate investment trust (REIT).
2. A corporation exempt from tax under section 501 or 521 of the Internal Revenue Code either for the tax year of the distribution or the preceding tax year.
3. A corporation whose stock was held less than 46 days during the 91-day period beginning 45 days before the stock became ex-dividend with respect to the dividend. Ex-dividend means the holder has no rights to the dividend.
4. A corporation whose preferred stock was held less than 91 days during the 181-day period beginning 90 days before the stock became ex-dividend with respect to the dividend if the dividends received are for a period or periods totaling more than 360 days.
5. Any corporation, if your corporation is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property.

Dividends from a controlled foreign corporation:

A corporation can make a one-time election to deduct 85% of the dividends received from a controlled foreign corporation. The corporation may make the election for either its last tax year that begins before October 22, 2004, or its first tax year that begins during the one-year period beginning on October 22, 2004. The corporation makes the election by completing and attaching Form 8895, One-Time Dividends Received Deduction for Certain Cash Dividends from Controlled Foreign Corporations, to its return by the due date (including extensions). This deduction only applies to dividends included in gross income. Form more information on making this election and figuring the deduction, see Form 8895.