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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

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 investors marginal tax rate is 35 percent. The investors projected cash flow before taxes is:

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