Read the above case. Choose one of the individuals in the case and identify their actions and viewpoints. Write up an executive summary on the case, including answers to the following questions.
1. Brief review of the case from your auditor's point of view (one paragraph)
2. Identification of the key behaviors, attitudes, and ethical dilemmas faced by or caused by the auditor
3. Assessment of the philosophical and practical approaches to ethical decision-making that could have avoided the problems in the case
4. Evaluation of alternatives to solve the situation in the case
5. Summary of actions that you might have taken yourself if you had been in this situation in real life.
1. What is GGP's taxable income for 2016? Show your work.
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DETAILS/PARTICULARS
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AMOUNT ($)
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Sales revenue (Gross revenue)
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2,300,000
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Cost of goods sold (Less)
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952,000
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GROSS PROFIT
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1,348,000
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Charitable contributions (Less)
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134,800
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TAXABLE INCOME
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1,213,200
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2. Does GGP's have an NOL carry-forward to 2017? If so, how much?
3. Does GGP's have a capital-loss carry-forward 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?