For questions #$\text{'}$s $31-35,$ assume the following information $($which is repeated in each question$)$:

$$ CC obtains a mortgage loan for The Westerly in the amount of is $$180,000,000.$

$$ The total first year interest is $$10,500,000,$ and the total first year principal payment is $$4,500,000.$

Assume zero points are paid on the loan.

$$ For the loan, The Westerly's value is estimated to be $$300,000,000.$

$$ The Westerly's NOl before reserves is $$21,000,000.$

$$ Reserves are $$500,000.$

$$ Annual depreciation is $$8,500,000.$

Assume CC is the only equity owner in The Westerly, the income from the property is CC$\text{'}$s only income for the year, and CC$\text{'}$s individual tax rate is $37\%.$ Based on your answer to question #$33($determining the taxable income in the first year$),$ what are CC$\text{'}$s estimated income taxes forkhe year?

$$ $$555,000$

$$ $$2,035,000$

$$ $$740,000$

$0$ $$7,770,000$