21. In 2022, Theo, a single taxpayer, operates a sole proprietorship in which he materially participates. His proprietorship generates gross income of $320,000 and deductions of $600,000, resulting is a loss of $280,000. The large deductions are due to the acquisition of equipment and the use of immediate expense and additional first-year depreciation (bonus) to deduct all of the acquisition. What is excess business loss deduction? a) $0 b) $10,000 c) $270,000 d) $280,000