Nine months ago you paid $160,000 for a tract of timber that you are using as an investment. At time of purchase the tract contained a total of 450MBF of sawtimber. An appraisal at the time of purchase indicated the tract was worth $180,000 in total with $151,200 of that value in the sawtimber, $27,000 of that value being the bare land, and the remaining $1,800 being the value of an old business truck also on the site. You just sold a total of 100 MBF of timber from this property, which was harvested as part of a Timber Stand Improvement activity, and received a stumpage price of $320 per MBF sold. If the federal long term capital gains tax rate is 15%, the federal short term capital gains tax rate is 25% and the federal ordinary income tax rate is 28%, what will be the amount of federal tax you now owe on the timber that was just harvested