Citrus Corporation is a calendar year S corporation with the following current year information: Operating loss $(1,680,000) Liabilities: Notes payable, Big Apple Bank 420,000 Notes payable, Grapefruit (individual) 280,000 On January 1 Grapefruit bought 60% of Citrus Corporation for $630,000. She then loaned Citrus Corporation $280,000 (the amount above under liabilities). How much of the operating loss may Grapefruit deduct currently? Assume the excess business loss limitation does not apply.

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