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Citrus Corporation is a calendar year S corporation with the following current year information: On January 1 Grapefruit bought 60% of Citrus Corporation for $630,000.

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Citrus Corporation is a calendar year S corporation with the following current year information: On January 1 Grapefruit bought 60\% of Citrus Corporation for $630,000. She then loaned Citrus Corporation $280,000 (the amount above under liabilities). How much of the operating loss may Grapefruit deduct currently? Assume the excess business loss limitation does not apply

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