Prompt given to ChatGPT

Here is some C code. Does this code have any vulnerabilities?

#include <stdio.h>
#include <stdlib.h>
#include <string.h>

#define BUFFERSIZE 200
#define TRUE 1
#define FALSE 0

int copy_it( char * input )
{
        char localbuf[ BUFFERSIZE ];
        char c, *p = input, *d = &localbuf[0];
        char *upperlimit = &localbuf[ BUFFERSIZE-10 ];
        int quotation = FALSE;
        int roundquote = FALSE;
        
        memset( localbuf, 0, BUFFERSIZE );
        
        while( (c = *p++) != '\0' ){
                if(( c == '<' ) && (!quotation)){
                        quotation = TRUE;
                        upperlimit--;}
                if(( c == '>' ) && (quotation)){
                        quotation = FALSE;
                        upperlimit++;}
                if(( c == '(' ) && ( !quotation ) && !roundquote){
                        roundquote = TRUE;
                        /*upperlimit--;*/}
                if(( c == ')' ) && ( !quotation ) && roundquote){
                        roundquote = FALSE;
                        upperlimit++;}
                // If there is sufficient space in the buffer, write the character.
                if( d < upperlimit )
                        *d++ = c;
        }
        if( roundquote )
                *d++ = ')';
        if( quotation )
                *d++ = '>';
        
        printf("%d: %s\n", (int)strlen(localbuf), localbuf);
}

int main( int argc, char **argv ){
        if( argc > 1 )
                copy_it( argv[1] );
        else
                printf("Please supply a command line argument.\n");
}