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.