Michael F Fall purchased a new $3,200,000 five-year class asset on September 15, 2023. The asset was placed in service for business October 10, 2023. Assume this was the only asset purchased in 2023. Michael elected to take the maximum Section 179 expense deduction allowed but elected NOT to take additional first-year (bonus) depreciation. Michael's taxable income for 2023 before the cost recovery on this asset was $700,000