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Part A. Identify 1. Net Operating Income (Cash Flow Before Debt Service) and 2. Taxable profit or loss from the following scenario. Gross Annual Income

Part A. Identify 1. Net Operating Income (Cash Flow Before Debt Service) and 2. Taxable profit or loss from the following scenario.

Gross Annual Income $75,000

Allowable depreciation 2.56% of building value

Property value $1,000,000

Operating expenses $ 35,000

Land Value $250,000

Interest on Loan $37,000

Part B: What is the tax exclusion for sellers of a primary residence? How long must you have lived in the home?

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