Solved: What is ggps taxable income for 2016 does ggps have an nol, Accounting Basics

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What is ggps taxable income for 2016 does ggps have an nol

GGPs cost of goods sold for the 2016 sales were $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 presidential campaign in the amount of $50,000

1. What is GGP's taxable income for 2016? Show your work

2. Does GGP's have an NOL carryforward to 2017? If so, how much?

3. Does GGP's have a capital-loss carryforward to 2017? If so, how much?

4. Does GGP's charitable contribution carry over to 2017? If so, how much?

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Accounting Basics: What is ggps taxable income for 2016 does ggps have an nol

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