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(Solved): A property is sold for $5,100,000 with selling costs of 3% of the sales price. The mortgage balance ...



A property is sold for $5,100,000 with selling costs of 3% of the sales price. The mortgage balance at the time of sale is $3,600,000. The property was purchased 5 years ago for $4,820,000. Annual depreciation allowances of $153,016 have been taken. The tax rate is 28%. What is the adjusted cost basis? (Do not show any decimals or cents in your answer)



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The selling costs are 3% of the sales price, so they ar
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