Homework Answers
(1) GGP's taxable income for 2018 :-
| Particulars | Amount |
| Gross Revenue | 2,300,000 |
| Less: Cost of goods sold | 952,000 |
| Gross Profit | 1,348,000 |
| Less:Charitable Contributions ( 10% of 1,348,000) | 134,800 |
| Taxable income | 1,213,200 |
Taxable income for 2018 of GGP is 1,213,200.
Note: A corporation can deduct amount contributed as donation subject to limit 10% of taxable income.
(2) No GGP does not have any NOL carry forward to 2019.
(3) Yes GGP has capital loss carry forward
Capital loss carried forward to 2019 is :
Long term capital loss in current year $48,000
Loss carried forward from year 2016 $15000
Total loss to be carried forward $63,000
(4 ) Yes GGP charitable contribution will be carried forward to 2019.
cash contribution $135,000
Contribution to Presidential campaign -
( not deductible)
Deduction allowed in 2018 $134,800
Deduction to be carried forward $200
This deduction can be carried forward for 5 years.
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MUCH!
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MUCH!NOTE:
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READ THROUGH PAGE 75 TO 84 OF THE PDF. THANK YOU VERY
MUCH!
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