AP 8-6 (Capital Gain Reserves) M. Rhodes purchased a large tract of land near Edmonton 15 years ago for $750,000. It was sold during April 2021 to a developer for $2,500,000. He received a down payment of $625,000 (25%) and accepted a 25 -year, 8% mortgage for the balance of $1,875,000. The payments on this mortgage will begin in the second year and will require the repayment of $75,000(3% of maximum extent possible. Required: Calculate the capital gains consequences of this sale for 2021 through 2027 , assuming that Mr. Rhodes claims the maximum capital gains reserve in 2021 and in all subsequent years