The only asset Bill purchased during 2016 was a new 7-year class asset. The asset, which was listed property, was acquired on June 17th at a cost of $50,000. The asset was used 40% for business, 50% for the production of income, and 10% for personal purposes. Bill always elects to expense the maximum amount under Section 179 whenever applicable. The net income from the business before any Section 179 deduction is $100,000. Bill elects not to take additional 1st year depreciation. Determine Bill's maximum deduction for this asset for 2016.