What is the tax effect of a sale of assets that were bought 9 years ago for $12 million, depreciated straight-line over 15 years, and sold today for $3.5 million? The tax rate is 30%. Express in $ million, to the nearest $0.01 million, drop the $ sign. Precede an outflow (a tax payment) with the negative sign, enter an inflow (a reduction in taxes) as a positive value.