Melissa acquires and places in service business equipment (a 7-year class asset) on April 1, 2021, at a cost of $1,080,000. It is the only asset she places in service in 2021. Under 179, she elects to deduct $1,050,000 of the asset's cost in 2021 and elects not to take additional first-year depreciation. 1 Determine the cost recovery for 2021