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The taxable income on leveraged real estate is determined from net operating income by: Subtracting the principal portion of mortgage payments Subtracting cost recovery and

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The taxable income on leveraged real estate is determined from net operating income by: Subtracting the principal portion of mortgage payments Subtracting cost recovery and equity income Subtracting cost recovery, interest payments, and loan costs amortization Adding income tax and gainful occupation income tax Adding cost recovery and interest

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