Elm Corporation is on a calendar year basis and purchases new equipment (5-year MACRS property) on March 15, 2019, at a cost of $500,000. Elm also purchases a new machine (7-year MACRS property) on December 17, 2019 at a cost of $790,000. Elm wants to maximize its MACRS deductions in 2019 and has business income for 2019 of $1,000,000 (before any S 179 deduction). How much can Elm claim in total MACRS deduction for 2019? $500,000 $790,000 $1,000,000 $1,020,000 e. None of the above