What is ggps taxable income for 2016

Reference no: EM131285824

In Week 4, we learned to 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 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 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 Stump'spresidential campaign in the amount of $50,000.
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Required:

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

2. Does GGP's have anNOL 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 carryover to 2017? If so, how much?How long can it be carried over?

Reference no: EM131285824

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len1285824

11/22/2016 5:26:40 AM

i need help for this Federal taxation Assignment Book: 2017 CCH Federal Taxation, Comprehsive Topics 2017 Edition Smith, Harmelink, and Hasselback Chapter 14: Taxation Of Corporations—Basic Concepts Chapter 17: Corporate Reorganizations

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