Citrus Corporation is a calendar year S corporation with the following current year information: On January 1, Orange (an individual) bought 50% of Citrus Corporation stock for $465,000. How much of the operating loss may Orange deduct currently? Assume the excess business loss limitation does not apply. $775,000 $620,000 $930.000 $465,000 Citrus Corporation is a calendar year S corporation with the following current year information: 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. $114,000 $160,000 $130,000 $150,000