Consider the following values. NOI_n+1: $2.8 million. Cap rate: 7.5%. Brokerage commission: 3%. Remaining mortgage balance: $12 million. Remaining book value: $14 million. Total depreciation taken: $4.9 million. Recapture tax (for depreciation taken): 25%. Tax on capital gain: 15%. What is the after-tax cash flow from the sale?

	$12,870,667
	$19,525,667
	$19,770,667
	$20,391,333

A non-residential commercial property which cost $600,000 is considered to have 20 percent of its total value attributable to land. The annual depreciation expense chargeable against taxable income is:

	$12,308
	$12,534
	$13,967
	$8,974