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Where has all the brake fluid gone? 200

My son drives a 1990 240. Couple of days ago my wife moved it into the drive to get it out of the way of of snowplows and the brake failure light came on; pedal went almost to the floor. Sure enough the M/C was low on fluid. I filled it up and still had a soft pedal. Looked at the M/C and fluid was low again. The car is sitting in 6" of snow but I was able to see a puddle of fluid under the left front wheel. I am guessing a badly leaking caliper or broken brake line, and hope to shovel out space to jack it up and pull the wheel tomorrow. If it is the caliper, should I replace it or rebuild it? If I do either of these do I need to do the other side? Finally, if I go with the rebuild I have heard I should replace the pistons with stainless steel. What is a source for these and what do they cost?

Thanks!






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