An apartment building was purchased and financed with the following first-year operating results, compute the investor's income tax liability. (Assume 27.5 years of usable life) Purchase price $3 million, of which 21% is attributed to land value. Financed with $2 million interest-only loan at 8% for 10 years. First-year NOI is $300,000 Investor's marginal tax rate is 35%.