In the current year, Tern, Inc., a calendar year C corporation, has $9 million of adjusted taxable income, $300,000 of business interest income, zero floor plan financing interest, and $3.2 million of business interest expense. Tern has average gross receipts for the prior three-year period of $45 million. Which of the following statements is correct about the treatment of Tern's business interest expense?

a.Current year deduction of $3.2 million.

b.Current year deduction of $3 million, carryforward of $200,000.

c.Current year deduction of $2,790,000, carryback of $410,000.

d.Current year deduction of $3 million, carryback of $200,000.

e.Current year deduction of $2,790,000, carryforward of $410,000.