Jericho Corporation pays its CEO a salary of $2,000,000 (considered reasonable based on his duties and the financial performance of the company). How much can Jericho deduct for salary expense if Jericho Corporation is

Closely-held: $2,000,000; Publicly-traded, $1,000,000

Closely-held: $1,000,000; Publicly traded: $2,000,000

Closely-held: $2,000,000; Publicly-traded, $2,000,000

Closely-held: $1,000,000; Publicly traded: $1,000,000