21 Jul ACCT553Week 5 Homework(TCOs C and F)Please provide a response for
ACCT553Week 5 Homework(TCOs C and F)Please provide a response for each section in the space provided below.When finished, submit to the Dropbox.Worth 85 pointsIn 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:ü Greco Glass Products (‘GGP’) is a C Corporation.ü GGP had gross revenue from sales in 2017 of $2,300,000.ü GGPs cost of goods sold for the 2017 sales was $952,000.ü GGP incurred a long-term capital loss in the amount of $48,000.ü GGP had a capital loss carryover from 2016 of $15,000.ü GGP made cash charitable contributions totaling $135,000.ü 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. (35 points)2. Does GGP’s have an NOL carryforward to 2018? If so, how much? (15 points)3. Does GGP’s have a capital-loss carryforward to 2018? If so, how much? (15 points)4. Does GGP’s charitable contribution carry over to 2018? If so, how much? How long can it be carried over? (15 points)
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