Please show work. Also, please indicate if 88,800 carries forward or does not carry forward. Thank you!

Orange, Inc., a calendar year corporation in Clemson, South Carolina, elects S corporation status for 2019. The company generated a $88,800 NOL in 2018 and another NOL of $53,280 in 2019. Orange stock always is owned by the same four shareholders, each owning 25% of the stock. Pete, one of the shareholders, holds a $7,104 basis in this Orange stock at the beginning of 2019. Complete the statement below that outlines the Federal income tax issues that Pete faces. The 2018 C corporation NOL of $88,800 carries Therefore, the deductible loss in 2019 by Pete is $ carryover. forward into the corporation year. with a $