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At the beginning of its 2022 tax year, Hiram owned the following business assets: On...

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Accounting

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At the beginning of its 2022 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 $592,000 : 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 2022. In making your computation, assume that taxable income before depreciation exceeds $1,030,000. Use Table 7.2. Note: Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount

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