At the beginning of its $2023$ tax year, Hiram owned the following business assets:

Date Placed in Service Initial Cost Accumulated Depreciation Recovery Period Depreciation Convention

Furniture $6/19/2021$ $$36,250$ $$14,0587-$year Half$-$year

Equipment $5/2/202061,00043,4325-$year Half$-$year

Machinery $9/30/202058,50041,6525-$year Half$-$year

On July $8,$ Hiram sold its equipment. On August $18,$ it purchased and placed in service new tools costing $$593,000$; these tools are three$-$year recovery property. These were Hiram$$s only capital transactions for the year.

Required:

Compute Hiram$$s maximum cost recovery deduction for $2023.$ In making your computation, assume that taxable income before depreciation exceeds $$1,040,000.$ Use Table $7-2.$