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[answered] A property is sold for $7,200,000 with total selling costs


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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