If a business purchases $2,940,000 in equipment during a given year, what is the impact on the Section 179 election?

	a.	The ceiling amount will be reduced by $730,000 to a maximum eligible deduction of $320,000 for the current year with a $0 carry forward.
	b.	The business will only be able to take the Section 179 deduction on $1,050,000 of the assets purchased.
	c.	The ceiling amount will be reduced by $320,000 to a maximum eligible deduction of $730,000 for the current year with a $0 carry forward.
	d.	The Section 179 deduction is eliminated when purchases exceeds $2,620,000 in 2021.