An office building was purchased for $10MM ( $2MM down +$8MM loan) 5 years ago and is recently sold for $12.0MM gross sales price. Assume the following: - 25% of the purchase price was attributable to land value - the current mortgage balance is $7.3MM - 25% tax rate on accumulated depreciation - 15% tax rate on capital gain. - 5% selling cost. What is the tax due on depreciation recapture at sale? An office building was purchased for $10MM ( $2MM down +$8MM loan) 5 years ago and is recently sold for $12.0MM gross sales price. Assume the following: - 25% of the purchase price was attributable to land value - the current mortgage balance is $7.3MM - 25% tax rate on accumulated depreciation - 15% tax rate on capital gain. - 5% selling cost. What is the tax due on depreciation recapture at sale