1. If an investor paid all cash for real estate investment property (i.e., there is no mortgage), which of the following is correct
   1. After tax cash flow = before tax cash flow
   2. After tax equity reversion = before tax equity reversion + selling expenses
   3. After tax equity reversion = (sales price selling expenses adjusted basis) x tax rate
   4. Before tax cash flow = net operating income
   5. None of the above