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A property can be sold for $2,946,300 with selling cost of 6% of the sales price. The mortgage balance at the time of sale is
A property can be sold for $2,946,300 with selling cost of 6% of the sales price. The mortgage balance at the time of sale is $1,600,000. The property was purchased 5 years ago for $2,100,000. Accumulated depreciation allowances of $380,000 have been taken. The capotal gains tax rate is 15%. What is the after tax cash flow from the sale of this property?
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