Response to the following problem:
Apply concepts and principles to measure taxable income derived from a business activity. We have identified the C corporation as a basic legal form of conducting business. Apply what you have learned .Where a calculation is required, please show your work.
Facts:
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 Stump's presidential campaign in the amount of $50,000.
Required:
1. What is GGP's taxable income for 2017? Show your work.
2. Does GGP's have an NOL carryforward to 2018? If so, how much?
3. Does GGP's have a capital-loss carryforward to 2018? If so, how much?
4. Does GGP's charitable contribution carry over to 2018? If so, how much? How long can it be carried over?