Assume a property is purchased for $1,000,000 and sold at the end of five years for a price of $1,270,000.What will be the taxes due on sale?Assume the initial allocation to land is 25% and the depreciation period os 27.5 years.Further asssume 6% selling costs, 33% percent ordinary income tax rate, a 15 percent capital gains tax rate, and a 25 percent recapture rate.Assume January 1st dates for sale and purchase.