Neon, Inc., a calendar year S corp, has an operating loss of $160,000 and a long-term capital loss of $40,000. Archie, an individual, owns 40% of the corporate stock and has a $60,000 basis in the stock. What is the amount of the NOL that Archie may recognize? a. $16,000 b. $48,000 c. $64,000 d. $60,000 e. None of the above