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Question 6 2 pts Citrus Corporation is a calendar years corporation...

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Accounting

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Question 6 2 pts Citrus Corporation is a calendar years corporation with the following current year information: Operating loss $(1.440,000) Liabilities: Notes payable, Big Apple Bank 360,000 Notes payable, Grapefruit (individual) 240,000 On January 1 Grapefruit bought 60% of Citrus Corporation for $540,000. She then loaned Citrus Corporation $240,000 (the amount above under liabilities). How much of the operating loss may Grapefruit deduct currently? Assume the excess business loss limitation does not apply. $900,000 $684,000 O $780,000 $960,000

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