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.

What is GGPs taxable income for 2016? Show your work. (25 points)

Does GGPs have an NOL carryforward to 2017? If so, how much? (5 points)

Does GGPs have a capital-loss carryforward to 2017? If so, how much? (10 points)

Does GGPs charitable contribution carry over to 2017? If so, how much? How long can it be carried over? (10 points)