a) Long-term capital gains b) Income subject to AMT c) Ordinary income d) After- tax cash flow e) A loss not requiring taxes paid 53. A property having monthly NOI of $1,500/month has expenses paid by the landlord of $3,000/year and sells for a GRM of S. The sales price would have been S a) $72,000 b) $90,000 e) $57,000 d) S105,000 e) $ 360,000 54. A $90,000 rent house property including land is depreciated for tax purposes per year period. The most likely and conservative depreciation claimed per year is: a) $2278/yr b) $3272/yr c) $2618/yr d) $1823/yr e) None of the above 55. Apartments are traditionally depreciated over- ears under the 2017 tax laws y a) 39 b) 39.5 c) 31.5 d) 72.0 e) None of the above 56. Spreading profits over several years on a real estate deal (with an owner financed mortgage) that is sold is referred to as: a) Cutting a fat hog b) Income averaging c) Long-term capital gains d) Installment sale election e) B and C 57. A "Tax Free Exchange" a) Is a 1031 b) Only defers taxes unless owner dies, in which case no capital gain taxes are recaptured c) Requires exchange of any-type of real estate costing more d) All of the above e) A and B only 58. To calculate the maximum purchase price (by the D&B formula) that can be paid for investment property, the data necessary includes income and expense figures plus: a) Financial manager's rate of return criteria and discounted cash flow assumptions b) Internal rate of return, tax information, resale price, and debt coverage ratio c) Mortgage constant, return on equity desired, and debt coverage ratio d) The required CAP rate, debt coverage ratio, and mortgage constant e) None or all of the above