A property is sold for $7,200,000 with total selling costs at 3% of the sales price.
The mortgage balance at the time of sale is $3,600,000. The property was purchased
five year ago for $5,400,000. Annual depreciation deductions of $150,000 have been
taken each year. If the combined federal and state tax rates on capital gains is 28%,
what is the after-tax cash flow from the sale of the property?
Find the adjusted basis for the property
Purchase price Less: Depreciation @150,000 for 5years Adjusted basis for this property 3,600,000 750,000 2,850,000 find the taxable gain from the sale of...
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