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A propery is sold for $6,000,000 with selling costs of 5% of the sales price. The mortgage balance at the time of sale is $3,000,000.
A propery is sold for $6,000,000 with selling costs of 5% of the sales price. The mortgage balance at the time of sale is $3,000,000. The property was pruchased 5 years ago for $4,820,000. Accumulated depreciation allowances of $765,080 have been taken. If the capital gains tax rate is 15% what is the after-tax cash flow from the sale of the property?
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