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A textile company purchased the following assets throughout 2023: Asset Placed in...

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Accounting

A textile company purchased the following assets throughout 2023:

Asset Placed in service Initial Basis
Land for mill January 1 $1,000,000
Mill building January 1 $300,000
Equipment (new) March 4 $1,800,000
Small used truck for deliveries June 8 $25,000
Total $3,125,000

Fill in the blank: Assume that the land and mill building do not qualify as qualified real property for Sec. 179 and that the company has sufficient taxable income that it creates no binding limitation on any potential Sec. 179 expense (if applicable). The maximum total depreciation expense possible that the corporation may deduct in 2023 is $_______.

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