At the beginning of its 2016 tax year. Hiram owned the following business assets: On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $595,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year. Compute Hiram's cost recovery deduction for 2016. In making your computation, assume that taxable income before depreciation exceeds $1, 560,000. Use Table 7-2