26. At the beginning of its 2022 tax year, Hiram owned the following business assets: On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $589,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year. Compute Hiram's maximum cost recovery deduction for 2022 . In making your computation, assume that taxable income before depreciation exceeds $2,000,000