4 & 3 points Carmen purchased a business for $150,000 by investing $40,000 of her own funds and borrowing $110,000 from Local National Bank. Carmen signed the note payable as a personal guarantor. In the first year of operation, the business had an operating loss of $120,000. The business incurred an operating loss of $45,000 in the second year and had operating income of $25,000 in the third year. What is the maximum carryforward loss deductible against the third year's income? Assume that Carmen materially participates in the business. O $20,000 O $45,000 O $120,000 O $30,000 O $15,000