  We report the results from X-ray studies of the newly discovered black hole
candidate MAXI J1305-704 based on Suzaku and Swift observations in the low/hard
and high/soft states, respectively. The long Suzaku observation shows two types
of clear absorption dips, both of which recur on a dip interval of 9.74 +- 0.04
hours, which we identify with the orbital period. There is also partially
ionized absorption in the non-dip (persistent) emission in both the high/soft
state and, very unusually, the low/hard state. However, this absorption (in
both states) has substantially lower ionization than that seen in other high
inclination systems, where the material forms a homogeneous disk wind. Here
instead the absorption is most probably associated with clumpy, compact
structures associated with the dipping material, which we see uniquely in this
source likely because we view it at a very large inclination angle. A large
inclination angle is also favored, together with a low black hole mass, to
explain the high disk temperature seen in the fairly low luminosity high/soft
state, as Doppler boosting enhances the disk temperature at high inclination.
The disk radius inferred from these data is significantly smaller than that of
the soft component seen in the low/hard state, supporting models where the disk
is truncated at low luminosities. We find, however, that the lack of
variability power on time scales of ~50 sec in the Suzaku low/hard state data
is difficult to explain, even with a low mass black hole.
