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Question: Black Acre Apartment Inc. needs to compute taxable income (TI) for the preceding year and wants your assistance. The effective gross income (EGI) was $52k, operating expenses were $19k, $2k was put into a fund for future replacement of stoves and refrigerators; debt service was $26,662, of which $25,126 was interest, and the depreciation deduction was $17,000. Compute the taxable income from operations.

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