Citrus Corporation is a calendar year S corporation with the following current year information: Operating...
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Accounting
Citrus Corporation is a calendar year S corporation with the following current year information: Operating loss $(840,000) Liabilities: Notes payable, Big Apple Bank 140,000 Notes payable, Grapefruit (individual) 140,000 On January 1, Orange (an individual) bought 50% of Citrus Corporation stock for $210,000. How much of the operating loss may Orange deduct currently? Assume the excess business loss limitation does not apply. O $210,000 O $280,000 $420,000 O $350,000
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