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Check my w At the beginning of its 2018 tax year, Hiram owned the following business assets: Date Placed Initial Accumulated Recovery Depreciation in Service Cost $30,750 70,000 58,000 Depreciation Period Convention 7-year Half-year 5-year Half-year 5-year Half-year 6 points Furniture Equipment Machinery 6/19/16 5/2/15 9/30/15 $11,925 49,840 41,296 Skipped On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $589,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year. Compute Hiram's maximum cost recovery deduction for 2018. In making your computation, assume that taxable income before depreciation exceeds $1,000,000. Use Table 7-2. (Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount.) eBook Print 2018 MACRS Depreciation Furniture Equipment Machinery Total MACRS Depreciation Section 17Wbonus on new tools Total 2018 cost recovery 0