Mrs. Flynn who is a 35% tax bracket investor purchased a 60,000 square foot industrial building for $3,000,000 with acquisition costs of $50,000. The building is projected to rent for $5.00 per square foot annually and the annual operating expenses are projected at $1.50 per square foot. The projected vacancy rate is 6%. Mrs. Flynn intends to borrow 60% of the purchase price with a monthly payment of $12,895.76. The taxable income for Mrs. Flynns first year of ownership is