Taw Law Depreciation

A corporation acquires and places in service a piece of real estate, which includes a building (in addition to the land) for $1,000,000 on March 3, 2020. The value of the building is 60% of the total purchase price. The corporation will use the building as offices for its civil engineers.

The corporation has taxable income, before any IRC Sect. 179 deduction, of $2.9 million for the year.

What is the total amount of cost recovery deductions that the corporation can take on the property, if any, for 2020 and 2021?