At the beginning of its 2023 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 $589,000; 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 $2,000,000. Use Table 72. Note: Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole doll amount. hut not entirely correct. At the beginning of its 2023 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 $589,000; 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 $2,000,000. Use Table 72. Note: Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole doll amount. hut not entirely correct