You and your business partners own a bunch of real estate, and you are currently working on making a sale-leaseback decision for your office building. - You and your business partners bought this office building 7 years ago at which time you paid $2,000,000. The "building component" of this office property is 83%. It depreciates over 27 years. - You believe that in today's market it could be sold for $4,000,000. - You also believe that if you don't sell and lease it back and instead keep it for 7 more years, you can probably sell it then then for $11,000,000. - A 38% tax rate applies on all taxable income for your and your partners' real estate business. If you and your partners decide against the sale-leaseback and to keep the property, what would be the total taxes due upon sale at the time when you will be selling the office building in 7 years? Do NOT put "\$" in your answer. Round to 2 decimal places. Do NOT round your intermediate calculations, or if you can solve this problem in Excel with correct cell referencing! This way you'll avoid rounding errors