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Citrus Corporation is a calendar year S corporation with the following current year information: On...

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Accounting

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Citrus Corporation is a calendar year S corporation with the following current year information: On January 1 Grapefruit bought 60% of Citrus Corporation for $90,000. She then loaned Citrus Corporation $40,000 (the amount above under liabilities). How much of the operating loss may Grapefruit deduct currently? Assume the excess business loss limitation does not apply. $114,000$160,000$130,000$150,000

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