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3) A commercial property was purchased 5 years ago for $4,250,000 and sold today for $5,400,000. The selling expenses were 4% of the sales price

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3) A commercial property was purchased 5 years ago for $4,250,000 and sold today for $5,400,000. The selling expenses were 4% of the sales price and the mortgage outstanding is $3,500,000. The mortgage balance at the time of sale is $3,600,000. The full straight-line depreciation allowance has been taken every year. If the tax rate is 24%, what is the after-tax cash flow from sale of the property

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