The April-fairy apartment community was purchased by your client for $6,500,000 with a $1,500,000 down payment and a 30-year $5,000,000 mortgage with a 4.5% rate (assume monthly payments). No points or fees were charged. Effective gross income (EGI) is expected to be $900,000 in Year 1. Operating expenses are expected to be $250,000 in Year 1. This property has 20% of value allocated to land and 80% to improvements. The owner is in a 30% income tax bracket. To get full credit, you will need to select ALL of the correct responses for what the NOI, Before Tax Cash Flow, Taxable Income, Income Tax, and After Tax Cash Flow are for Year 1. BTCF: $346,989