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 $55,500 $21,523 7-year Half-year Equipment 5/2/2020 88,750 63,190 5-year Half-year Machinery 9/30/2020 69,250 49,306 5-year Half-year On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $610,000; 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 $1,210,000.