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

Operating loss $(240,000)

Liabilities:

Notes payable, Big Apple Bank 60,000

Notes payable, Grapefruit (individual) 40,000

On January 1 Grapefruit bought 60% of Citrus Corporation for $90,000. She then loaned Citrus Corporation $40,000 (the amount above under liabilities). How much of the operating loss may Grapefruit deduct currently? Assume the excess business loss limitation does not apply.

Group of answer choices

$150,000

$114,000

$160,000

$130,000