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The property is sold for $5,100,000 with selling costs of 2 percent of the sales price. The mortgage balance at the time of sale is
The property is sold for $5,100,000 with selling costs of 2 percent of the sales price. The mortgage balance at the time of sale is $3,600,000. The property was purchased 5 years ago for $4820000. Annual depreciation allowances of $131000 have been taken. If the tax rate is 26 percent, what is the after-tax cash flow from the sale of the property?
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