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Mrs. Black paid $3,000,000 for a property she has owned for six full tax years. Straight-line cost recovery was used. The loan balance is $1,450,000.
Mrs. Black paid $3,000,000 for a property she has owned for six full tax years. Straight-line cost recovery was used. The loan balance is $1,450,000. If sold today for $3,700,000 with costs of sale of $150,000 and tax liability of $160,000 on the sale, what would her sales proceeds be after taxes
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