ACCT553 Week 5 Homework (TCOs C and F) Please provide a response for each section in the space provided below When finished, subme to the assignment. Worth 135 points In Week 4, we learned to apply concepts and principles to measure taxable income derived from a business activity. We have identified the corporation as a basic legal form of conducting business. Apply what you have learned in this course through Week 5 to review the facts provided below and address the four questions that follow. Where a calculation is required, please show your work for full credit (partial credit may also be awarded). Facts: Greco Glass Products ("GGP) is a C Corporation GGP had gross revenue from sales in 2017 of $2,300,000 GOPs 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 chantable 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 2018? Show your work (60 points) 2. Does GGP's have an NOL carryforward to 2019? If so, how much? (25 points) 3. Does GGP's have a capital-loss carryforward to 2019? If so, how much? (25 points) 4. Does GGP's charitable contribution carry over to 2019? If so, how much? How long can it be carried over? (25 points)