D Question 5 2 pts Citrus Corporation is a calendar year S corporation with the...
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D Question 5 2 pts Citrus Corporation is a calendar year S corporation with the following current year information: Operating loss $(2,160,000) Liabilities: Notes payable, Big Apple Bank 360,000 Notes payable, Grapefruit (individual) 360,000 On January 1, Orange (an individual) bought 50% of Citrus Corporation stock for $540,000. How much of the operating loss may Orange deduct currently? Assume the excess business loss limitation does not apply. $540,000 $720,000 $1,080,000 O $900,000
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