Problem $07-26($Algo$)[$LO $7-5,7-7]$

At the beginning of its $2023$ tax year, Hiram owned the following business assets:

On July $8,$ Hiram sold its equipment. On August $18,$ it purchased and placed in service new tools costing $$590,000$;

these tools are three$-$year recovery property. These were Hiram's only capital transactions for the year.

Required:

Compute Hiram's maximum cost recovery deduction for $2023.$ In making your computation, assume that taxable

income before depreciation exceeds $$1,010,000.$ Use Table $7-2.$

Note: Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest

whole dollar amount.