Orange, Inc., a calendar year corporation, elects S corporation status for 2022 . The company generated a $282,400NOL in 2021 and another NOL of $169,440 in 2022 . Orange recorded no other transactions for the year. At all times in 2021 and 2022 , the stock of the corporation is owned by the same four shareholders, each owning 25% of the stock. Pete, one of the shareholders, holds a $22,592 basis in the Orange stock at the beginning of 2022. Complete the statement below that outlines the Federal income tax issues that Pete faces. The 2021 C corporation NOL of $282,400 ! forward into the S corporation year. Therefore, the deductible loss in 2022 by Pete is $ , with a \$ carryover