Problem 22-48 (Algorithmic) (LO. 1, 6, 8, 9, 11) Orange, Inc., a calendar year corporation, elects S corporation status for 2021 . The company generated a $159,200 NOL in 2020 and another NOL of $95,520 in 2021 . Orange recorded no other transactions for the year. At all times in 2020 and 2021 , the stock of the corporation is owned by the same four shareholders, each owning 25% of the stock. Pete, one of the shareholders, h 12 , 736 basis the Orange stock at the beginning of 2021. Complete the statement below that outlines the Federal income tax issues that Pete faces. The 2020 C corporation NOL of $159,200 ! forward into the S corporation year. Therefore, the deductible loss in 2021 by Pete is $ X, with a \$ X carryover