Problem 22-53 (Algorithmic) (LO. 1, 6, 8, 9, 11) Orange, Inc., a calendar year corporation in Clemson, South Carolina, elects S corporation status for 2019. The company generated a $317,600 NOL in 2018 and another NOL of $190,560 in 2019. Orange recorded no other transactions for the year. At all times in 2018 and 2019, the stock of the corporation is owned by the same four shareholders, each owning 25% of the stock. Pete, one of the shareholders, holds a $25,408 basis in the Orange stock at the beginning of 2019. Complete the statement below that outlines the Federal income tax issues that Pete faces. forward into the corporation year. Therefore, the deductible loss in 2019 The 2018 C corporation NOL of $317,600 by Pete is $ , with a $ carryover