Question
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
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 Stumps presidential campaign in the amount of $50,000.
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Required:
1. What is GGPs taxable income for 2016? Show your work.
2. Does GGPs have an NOL carryforward to 2017? If so, how much?
3. Does GGPs have a capital-loss carryforward to 2017? If so, how much?
4. Does GGPs charitable contribution carry over to 2017? If so, how much? How long can it be carried over?
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