In general
In the case of an applicable employer, no deduction shall be allowed under this chapter—
(i)#
in the case of executive remuneration for any applicable taxable year which is attributable to services performed by a covered executive during such applicable taxable year, to the extent that the amount of such remuneration exceeds $500,000, or
(ii)#
in the case of deferred deduction executive remuneration for any taxable year for services performed during any applicable taxable year by a covered executive, to the extent that the amount of such remuneration exceeds $500,000 reduced (but not below zero) by the sum of—
(I) the executive remuneration for such applicable taxable year, plus
(II) the portion of the deferred deduction executive remuneration for such services which was taken into account under this clause in a preceding taxable year.
(ii)(I)#
the executive remuneration for such applicable taxable year, plus
(ii)(II)#
the portion of the deferred deduction executive remuneration for such services which was taken into account under this clause in a preceding taxable year.