Problem 15-27 (Algorithmic) (LO. 6, 7) Orange, Inc., a calendar year corporation in Clemson, South Carolina, elects S corporation status for 2020. The company generated a $168,000 NOL in 2019 and another NOL of $100,800 in 2020. Orange stock always is owned by the same four shareholders, each owning 25% of the stock. Pete, one of the shareholders, holds a $13,440 basis in this Orange stock at the beginning of 2020. Complete the statement below that outlines the Federal income tax issues that Pete faces. The 2019 C corporation NOL of $168,000 does not carry forward into the S corporation year. Therefore, the deductible loss in 2020 by Pete is $ with a $ carryover