4. Reynolds Corp. acquired the assets of Putvan Corp. in a nontaxable merger transaction on December 1, 2022. On the date of acquisition, Putvan had a net operating loss carryover of $500,000. Reynolds had taxable income of $480,000 for its 2022 calendar year without regard to the acquired net operating loss. Assuming Sec. 382 does not apply, how much of the acquired loss can Reynolds use to offset its taxable income for 2022