BTCF Cash flow from sale in year Sales Price Selling costs Mortgage Balance Before-tax cash flow from sale BTCF Total (a) BTIRR/MIRR ON EQUITY BTIRR on Equity BTMIRR on Equity (b) AFTER TAX IRR AND EFFECTIVE TAX RATE Taxable Income 4 NOI Interest Depreciation Taxable Income Tax Cost (Savings) ATCF from Operations Sales Price Sales costs Mortgage Balance Before-tax cash flow from sale Sales Price Less Selling Costs