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Q.6 Citrus Corporation is a calendar year S corporation with the...

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Accounting

Q.6
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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 $675,000. She then loaned Citrus Corporation $300,000 (the amount above under liabilities). How much of the operating loss may Grapefruit deduct currently? Assume the excess business loss limitation does not apply. $855,000 $1,200,000 $1,125,000 $975,000 Citrus Corporation is a calendar year S corporation with the following current year information: On January 1 Grapefruit bought 60% of Citrus Corporation for $675,000. She then loaned Citrus Corporation $300,000 (the amount above under liabilities). How much of the operating loss may Grapefruit deduct currently? Assume the excess business loss limitation does not apply. $855,000 $1,200,000 $1,125,000 $975,000

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