An individual investor with $400,000 of annual taxable income purchased land for $140,000 and now has an offer to sell it for $195,000. The individual is already in the 35% federal ordinary income tax bracket and pays a 6% state tax rate in Michigan on ordinary income. The applicable federal long term capital gains tax rate is 15% but there is no corresponding reduction at the state level. State income taxes are deductible in computing federal taxable income. Calculate the after tax profit for the sale if it occurred 8 months after the date of purchase