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In 2019, Carter Corporation acquires and places in service $3,000,000 of 7-year tangible personal property for...

In 2019, Carter Corporation acquires and places in service $3,000,000 of 7-year tangible personal property for use in its business. Carter’s business taxable income before any Sec. 179 deduction is $350,000. Carter elects the maximum Sec. 179 expensing for the property but elects out of bonus depreciation. What is the total cost recovery for the property in 2019?

1. $ 697,247

2. $ 728,685

3. $1,302,942

4. $ 917,247

5. None of the answers provided is correct.

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