You are not to deduct prior "standard" depreciation from the result of column (c) of Part V of form 4562 (business use percentage) times column (d) (cost basis) to arrive at the basis of depreciation in column (e). The basis for depreciation is not affected by standard depreciation deductions.
The reference to an investment credit means if you qualified for an investment credit for the property, you need to reduce the depreciation basis by the cost of the property used to qualify for the investment credit. That is so you don't use the property for a deduction as well as a credit, as you can only take one or the other for the cost of the property.
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