At the beginning of its 2021 tax year, Hiram owned the following business assets:

	Date Placed in Service	Initial Cost	Accumulated Depreciation	Recovery Period	Depreciation Convention
Furniture	6/19/19	$36,250	$14,058	7-year	Half year
Equipment	5/2/18	$61,000	$43,432	5-year	Half year
Machinery	9/30/18	$58,500	$41,652	5-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 Hirams only capital transactions for the year.

Required:

Compute Hirams maximum cost recovery deduction for 2021. In making your computation, assume that taxable income before depreciation exceeds $1,040,000. Use Table 7-2. (Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount.)

	2021 Depreciation
Furniture
Equipment
Machinery
Total MACRS Depreciation
Section 179/bonus on new tools
Maximum 2021 cost recovery deduction