Barbara Company acquires a machine (seven-year property) on January 10 of the current year, at a cost of $3,050,000. It was the only purchase of machinery Barbara made in the current year. Barbara makes the election to expense the maximum amount under Section 179. Assuming the rules in effect for the year 2021, what will the depreciable basis of the machinery be after applying Section 179 ( but before bonus depreciation or MACRS are applied)?

		$620,000
		$1,050,000
		$430,000
		$2,430,000
		$2,620,000