All of the following statements regarding the Section 179 deduction for 2020 are true except:

a. The maximum cost that is deductible for tax year 2020 is $1,000,000.

b. The maximum deductible amount would be reduced if the property placed in service during the tax year exceeded $3,000,000.

c. The amount expensed cannot exceed the taxable income derived from any trade or business during the tax year.

d. The amount that is not deductible due to the taxable income limitation can be carried forward.

Thank you!