In November 2015 you purchased a factory property for $64 million of which $30 million was funded with a 15-year term loan and $34 Million was funded with equity. Of the total $64 Million purchase price, $4 Million was for land, $15 million was for depreciable equipment (MACRS 7 year property) and the balance was for the building. The property was idle through the 2015 year-end holidays, pending approvals for occupancy, and was finally placed in service in February 2016. You plan to sell the entire property (land, building and equipment) at the end of August, 2021, for gross (pre-tax) proceeds totaling $65 Million, at which time you will pay off the $20 million debt (ignore interest, which was paid prior closing of the sale). Using a tax rate of 21%, compute the after-tax cash proceeds from the 2021 sale of the property, further reduced by the debt payoff. Assume that you can currently use tax benefits from losses, if any: