What is ggps taxable income for 2016 show your work

Assignment Help Financial Accounting

Reference no: EM131807428

Facts:

Greco Glass Products ("GGP") is a C Corporation.

GGP had gross revenue from sales in 2016 of $2,300,000.

GGPs cost of goods sold for the 2016 sales was $952,000.

GGP incurred a long-term capital loss in the amount of $48,000.

GGP had a capital loss carryover from 2015 of $15,000.

GGP made cash charitable contributions totaling $135,000.

GGP made contributions to Ronald Stump's presidential campaign in the amount of $50,000.

Required:

1. What is GGP's taxable income for 2016Show your work.

2. Does GGP's have an NOL carryforward to 2017If so, how much?

3. Does GGP's have a capital-loss carryforward to 2017If so, how much?

4. Does GGP's charitable contribution carry over to 2017If so, how muchHow long can it be carried over?

Reference no: EM131807428

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