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Question 5 1 pts Citrus Corporation is a calendar year S...

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Accounting

Question 5
1 pts
Citrus Corporation is a calendar year S corporation with the following current year information:
Operating loss
$(1,860,000)
Liabilities:
I
Notes payable, Big Apple Bank
310,000
Notes payable, Grapefruit (individual)310,000
On January 1, Orange (an individual) bought 50% of Citrus Corporation stock for $465,000. How much of the operating loss may Orange deduct currently? Assume the excess business loss limitation does not apply.
$620,000
$775,000
$465,000
$930,000
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