Walt Hubble is contemplating selling rental property that originally cost $199,617. He believes that it has appreciated in value at an annual rate of 7% over its four-year holding period. He will have to pay a commission equal to 6% of the sale price to sell the property. Currently, the property has a book value of $135,215.89. The mortgage balance outstanding at the time of sale currently is $155,863.77. Walt will have to pay a 15% tax on any capital gains and a 25% tax on recaptured depreciation. a. Calculate the tax payable on the proposed sale. b. Calculate the after-tax net proceeds associated with the proposed sale, CFR.