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What would be the taxable gain (loss) on a property given the following information?
Sales Price $5,500,000
Repairs and Maintenance 5,000
Brokers commission 5%
Depreciation 1,000,000
Utilities 3,500
Original purchase price 4,000,000
Cost of a new roof 350,000
If possible, please use a financial calculator and show me how to solve as I need to learn this concept for this class.
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