ACCT 553 562-What is GGP’s taxable income for 2016

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’s presidential campaign in the amount of $50,000.———————————————————————————————————Required:What is GGP’s taxable income for 2016? Show your work. (35 points)Does GGP’s have an NOL carryforward to 2017? If so, how much? (15 points)Does GGP’s have a capital-loss carryforward to 2017? If so, how much? (15 points)Does GGP’s charitable contribution carry over to 2017? If so, how much? How long can it be carried over? (15 points