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

Operating loss $(660,000)

Liabilities:

Notes payable, Big Apple Bank 110,000

Notes payable, Grapefruit (individual) 110,000

On January 1, Orange (an individual) bought 50% of Citrus Corporation stock for $165,000. How much of the operating loss may Orange deduct currently? Assume the excess business loss limitation does not apply.

Group of answer choices

$275,000

$330,000

$220,000

$165,000