An investor owns a property that produces an NOI of $100,000 and has an annual debt service of $70,000 and the forecast of cost recovery and interest deductions are $38,427 and $58,593 respectively. The investor's marginal tax rate is 35 percent. The investor's projected cash flow before taxes is: \begin{tabular}{l} \hline 30,000 \\ \hline$28,957 \\ \hline$43,256 \\ \hline$25,821 \end{tabular}