Orange, Inc., a calendar year corporation, elects S corporation status for 2022 . The company generated a $392,400 NOL in 2021 and another NOL of $235,440 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. Pote, one of the shareholders, holds a $31,392 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 $392,400 forward into the 5 corporation year. Therefore, the deductible loss in 2022 by Pete is 5 , with as carryover