depreciable costs are from tenant improvements. Capital improvements shall be depreciated over 31.5 years using straight line method, and tenant improvements shall be depreciated over 7 years by Double Declined Balance method (DDB). (We used DDB method in Rolling Meadow center case in class. Also see accounting prep video offered in Module 1 for more details). d) Calculate the cash flows from operations and sale of the property. (20 points) e) Combine the cash flows from c) and d) to determine the before-tax IRR, and after tax IRR and NPV. Should GDC do the Woodland Street Office Project with the after-tax numbers? (20 points)