Algorithmic) (LO. 2, 3, 9) On May 5, 2015, Dan purchased and placed in service a 7-year class asset costing $594,000. Compute the maximum deductions that Dan can claim with respect to this asset in 2015 and 2016. If required round your intermediate computations and final answers to the nearest dollar. Click here to access Exhibit 8.3 of the textbook.
Dan's total cost recovery deduction for 2015 is $? . Dan's total cost recovery deduction for 2016 is $?.