A chemical company has a total income of 1.9 million per year and total expenses of 672066 not including depreciation. At the start of the first year of operation, a composite account of all depreciable assets shows a value of 1.36 with a MACRS recovery period of 6 years, and a straight-line recovery period of 5.3 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 if the MACRS method were used for the depreciation accounting instead of the straight-line method?