Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 2 5.00% 9.50 3.750% 7.219 33.33% 44.45 14.81 7.41 8.55 6.677 20.00% 32.00 19.20 11.52 11.52 5.76 4 Depreciation Rate 14.29% 10.00% 24.49 18.00 17.49 14.40 12.49 11.52 8.93 8.92 7.37 8.93 6.55 4.46 6.55 6.177 9.22 5.713 o 7.70 6.93 6.23 5.90 5.90 5.285 4.888 00 4.522 At the beginning of its 2019 tax year, Hiram owned the following business assets: points Furniture Equipment Machinery Date Placed in Service 6/19/17 5/2/16 9/30/16 Initial Cost $38,250 79, see 64, see Accumulated Depreciation $14,833 56,684 45,924 Recovery Depreciation Period Convention 7-year Half-year 5-year Half-year 5-year Half-year eBook On July 8, Hiram sold its equipment. On August 18, It purchased and placed in service new tools costing $600,000, 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 2019. In making your computation, assume that taxable income before depreciation exceeds $1,110,000. Use Table 7-2. (Enter all amounts as positive values. Round your Intermediate computations and final answers to the nearest whole dollar amount.) 2019 MACRS Depreciation Furniture Equipment Machinery Total MACRS Depreciation Section 179/bonus on new tools Total 2019 cost recovery