Orange, Inc a calendar year corporation elects S corporation status for The company generated a $ Net operating loss NOL in and another Net Operating Loss NOL of $ in Orange recorded no other transactions for the year. At all ties in and the stock of the corporation is owned by the same four shareholders, each owning of the stock. Pete one of the shareholders holds a $ basis in the Orange stock at the beginning of Complete the statement below that outlines the Federal income tax issues that Pete faces. The C corporation Net Operating Loss NOL of $ DOES NOT CARRY forward into the S corporation year. Therefore, the deductible loss in by Pete $ is with a $ carryover.