A property is sold for $7,200,000 with total selling costs at 3% of the sales price.

The mortgage balance at the time of sale is $3,600,000. The property was purchased

five year ago for $5,400,000. Annual depreciation deductions of $150,000 have been

taken each year. If the combined federal and state tax rates on capital gains is 28%,

what is the after-tax cash flow from the sale of the property?