An owner, who bought an industrial building without financing on January1st eight years ago for $8,000,000 is selling the property on December31st of the current year for $8,900,000 and will incur a cost of sale of 3percent of the sale price. The property allocation was 70 percent forimprovements and 30 percent for land at the time of purchase. Theowner's tax rates are 35 percent for ordinary income, 25 percent for costrecovery recapture, and 20 percent for capital gain from appreciation.What are the proceeds after tax for this sale?O $8,633,000O $6,863,312O $8,900,000O $8,222,316

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