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8) Tiara Corporation, a calendar-year taxpayer, purchases and places into service: - machinery with a 7-year life that costs $1,160,000 on April 27, 2019 -
8) Tiara Corporation, a calendar-year taxpayer, purchases and places into service: - machinery with a 7-year life that costs $1,160,000 on April 27, 2019 - equipment with a 7-year life that costs $110,000 on November 3, 2019 - other property with a 5-year life that costs $15,000 on May 5, 2019 - residential rental property, which cost $430,000 (the cost of the land has been excluded) on August 11, 2019 Tiara elects to depreciate the maximum under Sec. 179, and applies entire Sec. 179 amount to the machinery purchase. Tiara does not apply bonus depreciation. Tiara's taxable income for the year before the Sec. 179 deduction is $1,700,000. What is Tiara's total depreciation deduction related to the 2019 purchased property
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