Cactus Company is a calendar years corporation with the following current year information Operating loss $ (120, eee) Liabilities: Notes payable, city Bank 2e, eee Notes payable, Jake Crow 20,000 On January 1, John James bought 50% of Cactus Company stock for $30,000. How much of the operating tons may John deduct on his Form 1040? Assume the excess business loss limitation does not apply. Multiple Choice 560,000 $30,000 $40.000 550.000