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4 questions What is GGPs taxable income for 2018? Show your work. Does GGPs have an NOL carryforward to 2019? If so, how much? Does
4 questions
- What is GGPs taxable income for 2018? Show your work.
- Does GGPs have an NOL carryforward to 2019? If so, how much?
- Does GGPs have a capital-loss carryforward to 2019? If so, how much?
- Does GGPs charitable contribution carry over to 2019? If so, how much? How long can it be carried over?
The information of data
Greco Glass Products ("GGP") is a C Corporation.
GGP had gross revenue from sales in 2017 of $2,300,000.
GGPs cost of goods sold for the 2017 sales was $952,000.
GGP incurred a long-term capital loss in the amount of $48,000.
GGP had a capital loss carryover from 2016 of $15,000.
GGP made cash charitable contributions totaling $135,000.
GGP made contributions to Ronald Stumps presidential campaign in the amount of $50,000
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