A company purchased 40 acres at 4,000 $/acre at a foreclosure auction as a potential quarry site 11 months ago that could not get permitted. The company has an offer to sell the property today for $6,000 per acre. Using the table provided, how much would the company pay in capital gains taxes by selling the property today?

2018 Capital Gains Tax Rates: Breakdown Single Joint HoH Separate SINGLE FILERS Income Tax bracket Short-term capital gains rate Long-term capital gains rate Up to $9,525 10% 10% 0% $9,526 to $38,600 12% 12% 0% $38,601 to $38,700 12% 12% 15% $38,701 to $82,500 22% 22% 15% $82,501 to $157,500 24% 24% 15% $157,501 to $200,000 32% 32% 15% $200,001 to $425,800 35% 35% 15% $425,801 to $500,000 35% 35% 20% $500,001 and over 37% 37% 20%