An S corporation with one shareholder acquired trade or business equipment totaling $1,160,000 in the year ending December 31, 2023. The corporation elected $1,160,000 179 deduction and reported it on Schedule K and the shareholder's Schedule K-1. Further, assume the shareholder owned an interest in a calendar-year-end partnership, which allocated to the same taxpayer via a 2023 Schedule K-1 $12,500 in 179 deduction. What would be the total 179 deduction allowed on the owner's 2023 individual income tax return?

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