In 2020, Taxpayer purchased a business-use asset (Asset 1) for $1,074,040. The asset has a 5-year MACRS GDS recovery period. The asset was placed in service on July 16, 2020. The only other business-use asset that Taxpayer placed in service in 2020 was equipment that Taxpayer purchased for $500,000 and placed in service on Dec. 1, 2020. Taxpayer did not elect Section 179 and did elect out of Section 168(k) bonus depreciation. What is Taxpayer's 2021 depreciation deduction for Asset 1?