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We have identified the C Corporation as a basic legal

Question : We have identified the C Corporation as a basic legal : 7237

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’s presidential campaign in the amount of $50,000.

Required:

1.      What is GGP’s taxable income for 2016? Show your work. (35 points)

2.      Does GGP’s have an NOL carryforward to 2017? If so, how much? (15 points)

3.      Does GGP’s have a capital-loss carryforward to 2017? If so, how much? (15 points)

4.      Does GGP’s charitable contribution carry over to 2017? If so, how much? How long can it be carried over? (15 points)

Solution
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