I, II$,$ or V

tion $17$

uns a small business in California with a calendar year end December $31.$ In Year $1,$ Grace's Company had a very successful s a result, Grace declared a bonus of $$1,500,000$ payable to all her employees. The bonuses were paid on March $1,$ Year $2.$ uch can Grace deduct on her December $31,$ Year $1$ business tax return?

$$1,500,000$

$$1,125,000$

$$750,000$

$$0$