Consider the cash flows in the table and the following information. Assume you are an individual investor that is selling your property at the end of three years. You initially acquired the property for $450,000 including acquisition costs. The building allowance you claimed were $8,000 per annum and the property will sell at a 4% cap rate with $10,000 in sales costs. Your required rate of return is 12.5% and your Marginal Tax Rate is 32.5%. Calculate the Capital Gains Tax due at the end of the holding period (year 3). (Must include workings and express the answer as a whole number)

	1	2	3	4
Gross Income	$30,500	$30,500	$36,000	$36,000
Operating Costs	$8,000	$8,320	$8,652	$8,999
Net Income Before Tax	$22,500	$22,180	$27,348	$27,001
Reversion (Sale) Income