Citrus Corporation is a calendar year S corporation with the following current year information: Operating loss $(360,000) Liabilities: Notes payable, Big Apple Bank 60,000 Notes payable, Grapefruit (individual) 60,000 On January 1, Orange (an individual) bought 50% of Citrus Corporation stock for $90,000. How much of the operating loss may Orange deduct currently? Assume the excess business loss limitation does not apply. $180,000 $90,000 $150,000 $120,000 At the formation of Berry Partnership. Straw contributes land with a basis of $165,000 and a fair market value of $495,000, and Rasp contributes cash of $495,000. Straw and Rasp share profits and losses equally. When the land is sold two years later for $825,000, Rasp must recognize a gain of how much? $495,000 $660,000 $330,000 $165,000 At the formation of Berry Partnership. Straw contributes land with a basis of $80,000 and a fair market value of $240,000, and Rasp contributes cash of $240,000. Straw and Rasp share profits and losses equally. When the land is sold two years later for $400,000, Straw must recognize a gain of how much? $80,000 $240,000 $160,000 $320,000