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Given a property with a gross selling price of $1,000,000, a net selling price of $950,000, accumulated depreciation of $200,000, a loan payoff of $350,000,
Given a property with a gross selling price of $1,000,000, a net selling price of $950,000, accumulated depreciation of $200,000, a loan payoff of $350,000, a purchase price of $350,000, depreciated value of $150,000, a capital gain tax rate of 20%, and a tax rate on capital gains due to depreciation of 25%, what are the taxes due on the sale?
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