A property that produces an annual NOI of $229,000 was purchased for $3,200,000. Debt service for the year was $176,154 (interest $146,087 & principal $30,067). Annual depreciation is $65,641. Assume you sell the property after 2 years of ownership for a gross price of $4,100,000. Assuming you also pay closing costs (including commissions) of 4%. How much tax on the gain would be payable if marginal ordinary rates are 35%, capital gain rates are 15% and depreciation recapture rates are 25%? (Hint: All of these tax rates may not be applicable)