A taxpayer purchased and placed into service a $690,000 piece of equipment in a year with a maximum allowable section 179 amount of $500,000 and a ceiling of $2,000,000 of qualifying property. The equipment is 7-year property. The first-year depreciation for 7-year property is 14.29%. Before considering any depreciation deduction, the taxpayer had $700,000 of taxable income. The taxpayer elected out of any bonus depreciation. What amount is the maximum allowable depreciation deduction?
$527,151
$98,601
$690,000
$500,000