1 point May of the tax year, Business Taxpayer acquired and placed in service machinery (seven-year property) with an initial basis of $2,740,000. Taxpayer placed no other property to service during the year. Taxpayer elected out of bonus depreciation (no bonus). Determine the total cost recovery including both section 179 immediate expensing and ACRS depreciation for the year assuming the taxpayer wishes to maximize deductions and is not subject to any limitation based upon income. Note that the maximum llowable section 179 expense for 2021 is $1,050,000 and the phase-out threshold is $2,620,000. > $494,398 2 $1,291,501 $1,188,649 O $930,000 $520,111