A chemical company has a total income of $1 million per year and total expenses of $600,000 not including depreciation. At the start of the first year of operation, a composite account of all depreciable assets shows a value of $850,000 with a MACRS recovery period of 5 years, a straight-line and recovery period of 9.5 years. Thirty-five percent of all profits before taxes must be paid out for income taxes. What would be the reduction in income tax charges for the first year of operation the MACRS were used for the depreciation accounting instead of the straight-line method