A property that produces an annual NOI of $249,000 was purchased for $3,800,000. Debt service for the year was $191,538 (interest $158,845 & principal $32,693). Annual depreciation is $77,949. Assume you sell the property after 1 year of ownership for a gross price of $4,200,000. 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)

	a.	$ 107,142
	b.	$54,287
	c.	$ 27,916
	d.	$ 93,595