Citrus Corporation is a calendar year S corporation with the following current year information:

Operating loss $(2,280,000)

Liabilities:

Notes payable, Big Apple Bank 380,000

Notes payable, Grapefruit (individual) 380,000

On January 1, Orange (an individual) bought 50% of Citrus Corporation stock for $570,000. How much of the operating loss may Orange deduct currently? Assume the excess business loss limitation does not apply.

Group of answer choices

$950,000

$570,000

$760,000

$1,140,000