Citrus Corporation is a calendar years corporation with the following current year information Operating loss $(1,680,000) Liabilities: Notes payable, Big Apple Bank 280,000 Notes payable, Grapefruit (individual) 20,000 On January 1, Orange (an individual) bought 50% of Citrus Corporation stock for $420,000. How much of the operating loss may Orange deduct currently? Assume the excess business loss limitation does not apply. $420,000 $700,000 $560,000 $840,000