Five years ago you purchased a small apartment complex for $1 million. You borrowed $700,000 at 7% for 15 years with monthly payments. The original appreciable basis was $750,000 and you have used 27.5 year straight line depreciation over the five year holding period. Assume no depreciation over the five-year holding period. Assume no capital expenditures have been made since acquisition. If you sell the property today for $1,270,000 in a fully taxable sale What will be the taxes on sale? Assume 6% selling costs, 33% percent ordinary income tax rate, a 15 percent capital gains tax rate, and a 25 percent recapture rate