Citrus Corporation is a calendar year S corporation with the following current year information: Operating loss $(720,000) Liabilities: Notes payable, Big Apple Bank 180,000 Notes payable, Grapefruit (individual) 120,000 On January 1 Grapefruit bought 60% of Citrus Corporation for $270,000. She then loaned Citrus Corporation $120,000 (the amount above under liabilities). How much of the operating loss may Grapefruit deduct currently Assume the excess business loss limitation does not apply. $390,000 $342.000 $480,000 $450,000