Acorn Construction (calendar-year end C-corporation) has had rapid expansion during the last half of the current year due to the housing markets recovery. The company has $5,000,000 of taxable income before the cost recovery deduction and would like to maximize its cost recovery deduction for the current year. Acorn provided the following information: Assets Placed in Service Basis New Equipment and Tools August 20 $1,750,000 Used Light Duty Trucks January 17 1,500,000 Used Machinery February 6 525,000 Total $3,775,000 The used assets had been contributed to the business by its owner in a nontaxable transaction. What is Acorns maximum cost recovery expense in the current year?