Please answer the following will upvote. Thank you.

1- A property that produces an annual NOI of $222,000 was purchased for $3,400,000 (all costs included). Debt service for the year was $170,769 (interest $141,621 & principal $29,148). Annual depreciation is $69,744. Assume you sell the property after 1 year of ownership for a gross price of $3,700,000. Assuming you pay closing costs (including commissions) of 4%, how much tax on the gain would be payable if capital gain rates are 15% and depreciation recapture rates are 25%? (Hint: Don't forget to account for closing costs.) Ch11

a. $ 99,338 b. $ 40,236 c. $ 21,962 d. $ 37,029

2- Sponsors of real estate deals often raise money from many partners. To avoid cumbersome regulatory filings (by meeting exemptions under Reg. D), these offerings are often limited to partners that are: Ch18

a. Students b. Real estate professionals c. "Accredited" investors d. Licensed CPA's and investment advisors e. College graduates