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?