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Chapter 14 - Property Management - Installment Sale= - Rooks
2
What is the “Installment Sale?”
vThe Installment Sale is a method of reportin= g income, in the sale of property, when the seller does not receive all cas= h, but receives  part of the <= span style=3D'position:absolute;top:53.25%;left:6.17%;width:105.8%;height:6.75%= '>sales price in cash, then receives the remainder in payments on a no= te that they have carried on the property they have sold.
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BxIsaPAgwoQKFzJs6PAhxIgSJ1KsaPEixowaN3Ls6BHjg5AiR5IsafIkypQqV7Js6fIlzJgyZ9Ks afMmzpw6d/Ls6fMn0KBChxItavQo0qRKlzIFCuEp1KhSp1KtavUq1qxat3Lt6vUr2LBix5Ita/Ys 2rRq17Jt6/Yt3Lhy59Kta/cu3rx69/Lt6/cv4MCCB/8TLmz4MOLEihczbuz4MeTIkidTrnw3AubM mjdz7uz5M+jQokeTLm36NOrUqlezbu36NezYsmfTrm2bs4Tcunfz7u37N/DgwocTL278OPLkypcz b+78OfTo0qdTr279Ovbs2rdz7+79O/jw4seTL2/+PPr06tezb+/+Pfz48ufTr2//Pv78+vfz7+// P4ABCjgggQUaeCCCCSq4IIMNOvgghBFK2OAEFVp4IYYZarghhx16+CGIIYo4IoklmngiiimquCKL Lbr4IowxyjhjhhTYeCOOOeq4I489+vgjkEEKOSSRRRp5JJJJKrkkk006+SSUUUo5JZVVWnkllllq uSUsl116+SWYYYo5JpllmnkmmmmquSabbbr5JpxxyjknnXXaeSeeeeq5J59eBgQAOw== ------=_NextPart_01C435AF.7718A7F0 Content-Location: file:///C:/6A7B11E5/14ChapterInstallmentSale_files/slide0004.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="windows-1252" PowerPoint Presentation
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vThe installment sale is a METHOD OF REPORTING = TAXES, not an INSTRUMENT FOR PASSING = TITLE.
<= span style=3D'font-size:150%'>A Method of Reporting Income
Not an Instrument for Passing = Title
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vThe installment sale was adopted for taxpayers who= would be carrying all or part of the cash value of= their property, in paper, upon the sa= le of that particular propert= y.  The Installment Method of reporting ta= xes was also created to encourage owners to carry pape= r = on the sale of their real property.<= /div>
<= span style=3D'font-size:150%'>A Method of Reporting Income
Not an Instrument for Passing = Title
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What is the “Installment Sale?”
vThe act of selli= ng a commodity while personally carrying the financing.  Normally the seller will use one of the following as the financing vehicle;
v1. Trust Deed,
v2. Mortgage,
v3. All Inclusive Trust Deed = 3;
v4. Contract of Sale
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Installment Sales
Help Expand the Economy<= /span>
vWhen former owners carry the paper or notes on pro= perty that they have sold it helps expand the economy, c= reates more sales, generates more income. vThe method was created to encourage sellers to car= ry paper on the sale of their real property.  Additionally these sales create incomes for the sellers, and finally generates more income taxes= .  You’ll find the provisions for the Installment Sale in the Internal Revenue Code §453.
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Designed to;
vThe Installment Sa= le is supposed to create a situation where the tax payor can p= ay any taxes due when they actually receive the cash.  It was not meant to be a t= ax savings device, it was simply meant to defer the taxes = due on notes carried to the day when those notes are changed into cash
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Two Types of Income
vWithin the Instal= lment Sale we have two types of income, principle and interest.  The two types are differentiated between because each is treated differently from an income tax standpoint. vPrincipal is normally taxed at a lower rate = than interest.  Interest = is normally taxed as ordinary income.
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Two Ty= pes of Installment Sale Income
v 1. Principal
v
v 2. Interest
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Principal
= 1.Principal is the money that was loaned.  Principal payments are the money paid, or returned on the ac= tual value of the note.  A principal payment would reduce the = amount of the note by the amount of the principal = = payment.
= v For example;  If you had a $100,000 loan at 10% interest, you would be earning $10,000 annually on the loan.  Int= erest does not pay the loan off, it simply pays the rent on the loan.  If you paid $20,000 that year, $10,000 would be for the interest, and $10,000 wou= ld be <= span style=3D'font-size:88%'>for the principal.   The balance of the note would be $90,000.
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Interest
v2. Interest is the money that is earned by virtue of the fact that you have an interest bear= ing loan, or note.  Think of interest as the rent on the money that was borrowed or loaned.  In our $100,000 example a= t 10% interest, our loan, or note would be earning $10,000 annually,= or 10% of the face value of the note.
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Understanding  Principal & Interest
=
vUnderstanding Principal and Interest is critical <= br> to your understandi= ng of money.
vThis understanding literally enables you to; <= /span>
v
v 1. Create Greater Value
v 2. Increase returns without increasing rates
v 3. Control returns on investments
v 4. Maximize preservation of cap= ital
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The Typical Loan
=
vThe typical loan that you encounter will look some= thing = like this;
v$100,000 @ 7% interest, amortized for 30 years and= payable in equal monthly installments of $665.30&#= 13;
v
v Payment   Principle Inter= est    Balance
    1   $  81.97 $ 583.33<= span style=3D'mso-tab-count:2;width:8.31%'> $99,918.03
    60   $  115.53 $549.78<= span style=3D'mso-spacerun:yes'>  $94,131.59
  120   $163.78 $501.53  <= span style=3D'mso-tab-count:2;width:7.48%'> $85,812.38
  180   $232.17 $433.13   = $74,018.86
  240   $329.13 $336.17  $57,300.08
  300   $466.59 $198.72  <= span style=3D'mso-tab-count:2;width:7.48%'> $33,599.10
  360   $661.44 $    3.86<= span style=3D'mso-tab-count:2;width:8.7%'> $   0.0056
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What the Installment Sale Can Do
vThe installment sale defers a certain portion of the taxes that would normally have to be paid, this means that the tax payor can use that tax mone= y to earn additional interest income.  This is a key advantage of the installment sale, = the tax payer is able to collect interest on taxes that they wo= uld normally have paid.  They are able to colle= ct interest on the deferred taxes.  When the n= ote is finally paid off, the tax payer will have to pay the = taxes that were due on the unpaid portion.
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An Example of Deferred Taxes
vLet’s say that yo= u are selling a building for $1,975,000. Your building has an adjusted tax basis of $200,000.  Your gain would look like this;
v Selling Price   $1,975,000
v = Expenses of Sale 8% ($   158,000)
Less Adjusted Tax Basis ($   200,000)
Indicated Gain =   $1,617,000
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Taxable Gain
vThis indicated g= ain is the amount that you would be taxed on should you sell = this building.  If the Federal <= span style=3D'position:absolute;top:46.25%;left:2.43%;width:101.68%;height:6.75= %'>Rate is 20% and the State Rate is 5.5% then the Combined Rate is 25.5% .  This means that 25.5% of $1,617,000 will be the amount that is taxable.
v
v $1,617,00 X 25.5% =3D $412,335 In Taxes
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Net After Taxes
vIf you sell this building and there is no loan on the building your after tax n= et would look like this;
<= span class=3DBB style=3D'position:absolute;left:-3.96%;top:.3em'>vSellin= g Price   $1,975,000
v Less Expenses of Sale 8% ($=   158,000)
v Less Loans of Record ($     -0-      )
v = Less Estimated Taxes ($=    412,335)
v After Tax Net from Sale   $1,404,665
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Create Two Situations
vIf you create two situations for comparison the whole concept will = become more clear.
vSituation I: The Seller sells the buildin= g for all cash.  They place the After Tax Cash (ATC) in a 7% interest bearing account.  What will they have in 10 years assuming no taxes are due on the interest earned.
v
vSituation II: The Seller sells the buildin= g with no down payment, and carries the entire $1,975,0= 00 at 7% interest for a 10 year period.  At the end of 10 years the note is pai= d off and the seller will pay taxes on the proceeds at that time.
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Two Situations Compared
v Situation I Situation II
vSelling Price $1,975,000 $1,975,000
Expenses of Sale 8% ($   158,000) ($  158,000)
vLess Loans of Record ($        -0-=     ) ($        -0-   )
Less Taxes ($    412,335)<= span style=3D'font-size:88%'> ($N= one Now )
vAfter Tax
Net Year of Sale $1,404,665 $1,817,000
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Estimated Annual Income
v Situation I Situation II
vYear   1 Income $ 98,327 = $    127,190
Year   2 Income $ 98,327 = $    127,190
Year   3 Income  $ 98,327 $    127,190
Year   4 Income $ 98,327 = $    127,190
Year   5 Income  $ 98,327 $    127,190
Year   6 Income  $ 98,327 $    127,190
Year   7 Income  $ 98,327 $    127,190
Year   8 Income  $ 98,327 $    127,190
Year   9 Income  $ 98,327 $    127,190
Year 10 Income  $ 98,327 $    127,190

Total 10 Year Income  $983,270= $1,271,900
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Ten Year Before Tax Cash Flows
v Situation I Situation II
vCash Flows 10 Years $  983,270 $1,271,900
vCash Balance 10 Years= $1,404,665 $1,817,000 =
vTotals End Year 10 $2,387,935 $3,088,900
In Situation I we have the untaxed interest payments.  These = would be ordinary income and would have approximately a 40% tax.  The tax has already been p= aid on the cash at close of escrow.
In Situation II we have the untaxed interest payments and the untaxed net cash at close = of escrow.  We need to pay taxes on t= he payments at 40% of earned income, then we need to estimate the tax on the $1,817,000.
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After = Tax Net From Payoff Situation II
vSituation II Would have us estimate the Gross Profit Ratio and estimate the taxes.  This would come to  a Gross Profit Ratio of 81.87%.  This means that of every dollar of principal we receive. 81.87¢ would be taxed at long term capital gains rates, in this case = 25.5%.
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Situation II – After Tax Net Contin= ued
=
=
vCash Received X Gross Profit Ratio =3D Taxable Income
v$1,975,000 X 81.87% =3D $1,617,000
v
vTaxable Income X 25.5% =3D Estimated Taxes
v    $1,617= ,000 X 25.5% =3D $412,335
vCash From Payoff
vCash Received Less Taxes =3D After Tax Principle
 $1,817,000 - $412,335 =3D $1,404,665
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After Tax Payments
vIf each payment = is taxed at 40%, then we have;
v Situation I Situation II
vAnnual Payment   $  98,327   $127,190=
vTimes Tax Rate          X 40%          X 40%
vEstimated Taxes<= span style=3D'mso-tab-count:2;width:5.25%'> ($  39,331) ($   50,876)=
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Estimated After Tax Net 10 Years
v Situation I Situation II
vAnnual Interest<= span style=3D'mso-tab-count:3;width:11.37%'>   $ 98,327   $  127,190
Less Estimated Taxes ($  39,331)  ($    50,= 876)
After Tax Net <= /span>  $  58,996   $    76,314
v
vThis is our after tax an= nual cash flow.
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Situation I and Situation II Compar= ed
v   Situation I   Situation I= I
vAfter Tax Cash
from Principal   $1,404,665   $1,404,665
After Tax Cash
from Payments $   589,960 $    7= 63,140
= vAfter Tax Cash
10 Year Investment=   $ 1,994,625 $2,167,805
v
vSituation II earned $173,180 more, over a 10 year period, after taxes.  $17,318 more each year in Situation II.  T= he additional income was becau= se of the after tax earnings on the deferred taxes.    
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When to Use the Installment Sale
=
=
vThe use of the instal= lment sale is particularly suited for;
v
v1. Creating greater retirement incomes.
<= span style=3D'font-size:56%'>2.Increasing immediate spendable income. =
3.Increasing the value of real estate to be sold by using;

 a. Low Down Payments
 b. Low Interest Rates
 =
4.When an owner is cashing out of more than one buil= ding, sell the one
with the least wri= te-off and shelter this “Passive Interest Income” with the Passive = Loss from their other buildings. He/she is still entitled to deduct $25,000 against their Active Income, (Ordinary Income) if there is enough write-off. =
5.For active investors who can use additional spenda= ble income, who is still buying and trading, with the bulk of their equity.  As in the combined Installment Sale/Exchange.
1.
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Some Rules for the Installment Sale=
A.Installment sales are not usable by Dealers.  That is people who hold product with the intent of selling it immedia= tely for profit.  = People or companies who are classified as dealers.=   In other words, the Installment Sale is only for Non-Dealers.
B.Dealer is a person, or a company who held property= for trade or business, or for= the production of rental income, and then only if the sales price exceeds $150,000.  Land is still privy to <= span style=3D'position:absolute;top:62.0%;left:9.17%;width:101.68%;height:5.25%= '>installment treatment no matter how it was held, o= r who held it. (Dealer or Non-Dealer)
C.Interest will be charged by the Internal Revenue Service, on the defer= red tax, if the face amount of all obligations arising during a = year exceeds $5,000,000 at year end.  The interest is charged only on the amount exceeding $5,000,000.<= /div>
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Installment Sale Rules continued
vNOTE:
v This interest is the treatment that Dealers get if = they elect to use the Installment Sale.  A Dealer may use Installment reporting, but has to pay interest on the deferred taxes.  The interest charge on the deferred taxes is the Federal Short Term Rate plus 3% figured on the month that the Dealer filed their tax return.
D.The interest generated from Installment Notes is P= assive Interest Income.
E.If the notes carried are:  Sold – Borrowed Against (Hypothecated)= – or pledged, the proceeds or pledge value will be treated as cash receiv= ed and that mount becomes immediately taxable.
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Use and Manipulation of the Installment Sale
1.Find the Adjusted Tax Basis of the property
2.Find the Gross Profit
3.Find the Contract Price of the Property
4.Find the Gross Profit Ratio
5.Establish the taxable cash payment received in the year of the sale
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Adjusted Tax Basis
vThe Adjusted Tax Basis is always found the same way.  The Adjusted Tax Basis of any real pro= perty is the same for a;
v
v Straight Sale
v Exchange
v Installment Sale
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Adjusted Tax Basis page 2
vThe Adjusted Tax Basis is the;
v Original Purchase Price
Plus any acquisition costs
Plus any capital improvements
 Less any depreciation taken
vIn a line;
vPurchase price + acquisition costs + capital improvements – depreciation taken
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Adjusted Tax Basis of Property page 3
vPurchase Price of Property   $
Plus Acquisition Costs   $
Plus Capital Improvements   $
Less any Depreciation Taken ($              =        )
vADJUSTED TAX BASIS   $
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Adjusted Tax Basis page 4
vTo accurately figure the “Gain” in any sale you hav= e to know the tax basis of the property.  This is true in the installment sale.
vFrom the selling price you subtract the expenses of= sale and the adjusted tax basis.  This = will give you the “Potential Gain”.
vIf you sell the property that gain is what will be = = subject to taxes.
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Find The Gross Profit
vGross Sales Price   $                   
vLess the Adjusted Tax Basis ($               =     )
vLess Selling Costs ($                =    )
vLess Any Recapture ($             =       )
vGROSS PROFIT    $                   
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Find The Contract Price
vStep II is find the Contract Price
vThere are four (4) possibilities for the Contract Price;
v
1.If the building is free and clear, the contract pr= ice and the sales price <= /span>are the same.
2.If the property has a mortgage, and the mortgage i= s paid off, assumed, or ta= ken subject to, relieving the seller of financial responsibility, the <= /span>contract Price is the Gross Sales Price, less the relieved mortgage.
3.If the property has a mortgage, and the mortgage i= s not assumed by the buyer= , the responsibility for that financial obligation remains with the seller, the Contract Price and the Sales Price are= the same.
4.If the mortgage is greater than the tax basis, (EXCESS of MORTGAGE over BASIS) and that mortgage is assumed by the buyer, the Contract Price is the Selling Price, less that Mortgage, pl= us any Excess of Mortgage Over Basi= s. (The Excess of Mortgage over basis is also calculated in the down payment and is taxable i= n the year of sale.)
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Definition:  Excess of Mortgage Over Basis
<= span style=3D'position:absolute;top:32.0%;left:2.43%;width:108.8%;height:6.75%'= >vMortgage Over Basis is simply when the mortgage exceeds the Adjusted Tax Basis of the property.  This indicates that the owner has refinanced the property, or taken an accelerated method of depreciation.  Excess of Mortgage Over Basis is inherent in the Installment Sale only.  It = is often confused with “Mortgage Relief”, which is found only in the IRC 1031 Tax Deferred Exchange.
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Step II – Find the Contract Price
vGross Sales Price   $                      
vLess Mortgages Assumed by Buyer ($              =    )
vPlus any
Excess of Mortgage Over Basis   $  
vContract Price    $               
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Step III – Find the Gross Profit Ra= tio
vThe gross profit ratio is a percentage used to multiply any principal received, t= his percentage gives you the amount of principal that is subject to taxes.
vOnce you find the amount of principal that is taxable you multiply the taxable principal by the marginal tax bracket of the tax payer you are working with.  = This will give you the taxes that are due.
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The Gross Profit Ratio
= vThe “Gross Profit Ratio” is a percentage used to multiply an principal payments received, the GPR gives us the amount of t= hat principle that is taxable.  You would then apply the tax rate for that tax payer = to determine the taxes that are due.
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Step IV:  Find Total Payments Year of S= ale
vStep IV is to fi= nd the total payments in the year of the sale.  The total payments are as follows; = ;
vDown Payment   $               
vNet from New Loa= ns   $
vPrinciple Payments   $                      
vExcess of Mortgage Over Basis   $                       
vTotal Payments Year of S= ale   $                     
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An Example
vThe Rents
vYou have a seller who owns a 10 unit apartment building.  The building consists of four 2 bedroo= m, 1 bath units, renting for $1,000 a month, four 2 bedroom, 2 bath units renting for $1,100 a month, and two 1 bedroom, 1 bath units rent= ing for $800 a month.  = The rents are at fair market value.
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Picture at Purchase
<= span style=3D'position:absolute;top:32.0%;left:2.43%;width:102.8%;height:6.0%'>= vThe owner purchased t= he building fifteen years ago for $700,000, and acquisition costs of $9,000.  = The owner put $210,000 down and= got a new 1st Trust Deed in the amount = of $490,000 at 8.5%, amortized for 30 years and pa= yable in equal monthly installments of $3,767.68 per month.  Their curren= t loan balance is $382,604.95.  When they purchased the building they= used a 70% improvement value and 271/2 year straight line depreciation.  They = have depreciated $17,818 = a year for fifteen years.
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Cash Flow at Purchase
<= span style=3D'mso-special-format:nobullet;display:none;font-family:Wingdings; font-size:75%'>vGross Scheduled Incom= e   $120,000
Vacancy Factor  5% ($    6,000)
Gross Operating Inc= ome   $114,000
Expense Operation 30% ($  36,000)
Net Operating Income   $  78,000
Loan Payments   ($  45,212)  =3D   $490,000
Cash Flow    $  32,788
vTotal Loans $490,000
Cash Down Payment= 30% $210,000 &#= 13;
vPurchase Price of Building $700,000
v
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Client’s Problem
vThe client indic= ates that they are going to retire.  They want to sell their building, they would like some cash now, = and the remainder they will put in the bank at 4% interest = as a retirement income.
vYou suggest the installment sale.  That they take = 25% cash down now, and carry a 75% loan on the building they are selling= at 7% interest only, all due and payable in 10 years.
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Clients Retirement Picture
<= span style=3D'position:absolute;top:32.0%;left:2.43%;width:106.74%;height:6.75%= '>vThe client indicates that they will retire on $4,00= 0 per month from Social Security and other retirement plans.  They don’t want to keep the building b= ecause of the management problems.  They don’t want to employ a management company and keep= the building because they are afraid the management company will run the building down or steal from them and leave them with a= big problem.
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Picture of Installment Sale
<= span style=3D'position:absolute;top:32.0%;left:5.24%;width:100.74%;height:6.75%= '>vWe will figure the taxes for the year of the sale <= /span>using a combined, state and federal, 40.62% marginal tax bracket.  We will use that bracket for the payoff in the tenth year.  We will estimate the tax bracket for years 2 thorough 9 as a 32% combined marginal tax bracket.  Year 10 we = will estimate using current tax tables.
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Current Cash Flow Picture
<= span style=3D'mso-special-format:nobullet;display:none;font-family:Wingdings; font-size:75%'>vGross Scheduled Incom= e   $120,000
Vacancy Factor  5% ($    6,000)
Gross Operating Inc= ome   $114,000
Expenses of Operat= ion 30% ($  36,000)
Net Operating Income    $  78,000
Loan Payments   ($  45,212)  =3D  $382,605*
Cash Flow    $  32,788
vIt is important for u= s to note that the before tax cash flow for this owner is $32,788 a year.  About $2,732 a month.  What about our After Tax Cash Flow (ATCF) ? =
v*Current Loan Balance
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Current Tax Picture
vGross Scheduled Incom= e $120,000
Vacancy Factor 5%= ($  6,000)
vExpenses of Operation= 30% ($36,000)
Annual Depreciation  ($17,818)
Interest on Loan  ($33,086)
Total Deductions=   ($92,904) ($  92,904)
v
Net Tax Loss or Gain    $  27,096
v
vThe investment is sheltering the cash flow from the building. The tax payer will have to declare $27,096 as additional or investment income.  Estimated Savings 32% Marginal Income Bracket is $27,096 X 32% =3D ($8,671).  In other words the inve= stor owes $8,671 in taxes.
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After Tax Cash Flow
vThe after tax ca= sh flow is the real cash the investor receives after taxes, in t= he year indicated.
v
v Cash Flow from building   $32,788
v Tax Savings from building ($  8,671)
v After Tax Cash Flow that year=   $24,117
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Overview of Current Cash Flow
vHere we see that= the investor is paying taxes on the income from this investment.  The after tax cash flow is $24,117 that year, approximately $2,000 a month. =
vThat is the issu= e at this point, the annual retirement income.  The other two elements of return, equi= ty build up and appreciation, aren’t really salient.  The cash flow is the issue.
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Appraise the Building for Sale
vYou have to appraise the building for marketing and sale.  This appraisal will tell yo= u the buildings value and how much if any you can inflate the <= /span>value using the installment sale.  Then = you will estimate the cash to your seller in the year of the <= span style=3D'position:absolute;top:63.24%;left:5.24%;width:100.56%;height:6.75= %'>sale at close of escrow, the income created that year and the income crea= ted in subsequent years. You need to know how to estimate the before and after tax income to the seller.
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Sale Picture of 10 Unit
= vGross Scheduled Incom= e   $120,000
Vacancy Factor 5%<= span style=3D'mso-spacerun:yes'>  ($    6,000)
Gross Operating Income    $114,000 Expenses of Operat= ion 30%  ($  36,000) Net Operating Inco= me   $   78,000
New Loan   ($   77,926) =3D $   885,000<= br> Cash Flow    $         74                            
Total Loans  $   885,000
Cash Down Payment   30% = $   380,000
 =
vSelling Price of Building $1,265,000
v
vThis means that you will market and sell the build= ing for $1,265,000.
= v Gross Rent Multiplier 10.54 Capitalization Rate  6%
 Price Per Unit $126,500

The loan is $885,= 000 at 8%, amortized for 30 years and payable in equal monthly installments of $6,493.83
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Financial Picture of Sale
= vWe can structure a sa= le for the client and see what kind of cash we can generate in the year of the sale and what kind of = cash we can generate annually from the sale to sub= sidize their retirement income.
= vLet’s create two situations.  In Situation I, we wi= ll have the seller sell their building for $1,265,000, all cash and estimate their after tax net.  In Situation II, we will have the seller sell = their building, have the buyer assume the 1= st=  Trust Dee= d, = create a 2nd Trust Deed in favor of the seller, and estimate the after tax cas= h flow and net from the Installment Sale.
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Sales Pictures
v      Situation I       Situation II
v
vSelling Price     $1,265,000 $1,265,000
Expenses of Sale = 8%    ($   101,200) ($  101,200)  
Less Loans of Record    ($   382,604) ($   382,604)
&#= 13;
vNet Cash & Paper = COE     $   781,196 $   781,196
 =
vIn both Situations the Seller will receive $781,196 at the close of escrow.  H= ow that Seller receives this money depends on whether or not you have an installment sale.
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Net Cash & Paper from Sales
v   Situation I Situation II
vSelling Price     $1,265,000 $1,265,000
Sales of Sale 8%<= span style=3D'mso-tab-count:2;width:12.85%'>    ($   101,200) ($  101,200)  
Less Loans of Rec= ord    ($   382,604) ($   382,604)
Net Cash & Pa= per COE     $ 781,196 $    781,196
Less Paper Carrie= d    ($          -0-  )  ($   502,396)
 <= /span>
vNet Cash Year of Sale=     $   781,196 $   278,800
vIn both Situations the Seller will receive $781,196 at the close of escrow.  How that Seller receiv= es this money depends on whether= or not you have an installment sale.
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Tax Basis of Building
vPurchase Price of Buildi= ng $700,000
vCapital Improvements $    -0-
vLess Adjusted Tax Basis<= span style=3D'mso-tab-count:3;width:12.19%'> ($178,180)
vIndicated Gain $521,820
v
vPurchase Price  +  Capital Improvement   –  Depreciation  =3D  Adjusted Tax Basis
   $700,000     + $   -0- -- $178,180 =3D $521,820
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Indicated Gain Upon Sale
vSelling Price of Building $1,265,000
vLess Selling Expenses 8% ($  101,200)
vLess Adjusted Tax Bases ($  521,820)
vIndicated Gain $ 641,980 =
v
vRegardless of the net= cash at the close of escrow the taxable income upon the sale of this building will be $641,980.  This will be at long term capital gains rates, which are approximately = 20% for Federal Taxes= and 5½% for California State Taxes.  S= o, 25½ % of taxable gain will go= for taxes.
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Estimated Taxes  Straight Sale
v Situation I    Situation II
 Straight Sale  Installment Sale
v Indicated Gain $641,980
v Estimated Taxes 25½%         25= ½ %
v Estimated Taxes
 Situation= I $ 163,705
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Estimated Net After Sale &
After Taxes Situat= ion I
vEstimated Net Ca= sh Close of Escrow   $781,196
vLess Estimated T= axes ($163,705)
vEstimated After = Tax Net   $617,491
v
vThis $617,491 wi= ll be invested in a bank account at 5% interest for 10 years.  This will be used to compare the cash flows from the installment sale.
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Picture of Sale Straight Sale
vCash Bank Account   $ 617,491&= #13;
v5% Interest per Year
v   1. $  30,875
v   2. $  30,875
v   3. $  30,875
v   4. $  30,875
v   5. $  30,875
v   6. $  30,875
v   7. $  30,875
v   8. $  30,875
v   9. $  30,875
v 10. $  30,875 =
v
vTotal Interest $308,750 $ 308,750
vPlus Cash Balance
v10 Year Net Income $ 926,241
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Retirement Picture Straight Sale
vIf our couple retired with $4= ,000 a month from other sources and $30,875/12 =3D $2,573 per month fr= om the money realized from the sale of the building.  This would give our couple $6= ,573 a month, or $78,876 a year from all sources.
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Compare The Installment Sale
=
=
vWith the Installment Sale we have several ways to structure a sale.  In this example we will have the buyer assume the old 1st Trus= t Deed of $382,605. 
vThe purchase price will be the same as in Situation I.  We will reinvest the cash remaining after taxes and see which situation gives the client= the greater earnings.
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Find Excess of Mortgage Over Basis<= /div>
vExcess of Mortgage ov= er Basis is inherent only in the installment sale.  This tells us that if the mortgage is greater than t= he loans, (Mortgages) then the seller refinanced and <= span style=3D'font-size:88%'>took money out, or the seller used an accelerated = = depreciation method.
vExisting Mortgage   $382,605&#= 13;
vAdjusted Tax Basis ($521,820)*
vHere we see that the mortgage is less than the Adjusted Tax Basis.  Th= e answer then is Zero.
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Find the Contract Price  Step II
v
v
vWe already did S= tep I, which was to find the Adjusted Tax Basis.
vGross Sales Pric= e   $1,265,000                     
vLess Mortgages Assumed by Buyer ($   382,605)
vPlus any
Excess of Mortgage Over Basis ($      -0-      ) <= /div>
vContract Price    $   882,395            
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Find The Gross Profit
vThe Gro= ss Profit is the Selling Price, less the expenses of sale, less the adjusted tax basis;
v
vSelling Price of Building $1,265,000
vLess Expenses of Sale ($   101,200= )
vLess Adjusted Tax Basis ($   521,820)
vGross Profit $   641,980
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Find The Gross Profit Ratio
vThe Gross Profit Ratio is a r= atio relationship between the Contract Price and the Net Gain.  This ratio, a percentage, tells us how much of the PRINCIPAL is taxable.
     Net Gain
Contract Price
=3D
     $641,980
$882,39= 5
=3D
72.75%<= /div>
This tells us that any principal received will be multiplied by 72.75%, that will tell us the taxable gain.  Then, in this case, long term capital gains will be applied.  The tax rate will be 25½= % of any principal.
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Manipulations in the Installment Sa= le
vIn our first example = there is no great benefit except that you don’t have to pay taxes on the principal that has not yet been = received.
vAfter a 10 year perio= d we will find that we will have paid the same amount, in taxes, on the original principal as we would <= span style=3D'font-size:88%'>have in a straight sale.
vThe benefit is that w= e get to use the unpaid taxes, to invest, for the 10 year period.
vOne last benefit woul= d be that if the seller had to foreclose on their building, their tax basis would be market value at = the time of foreclosure.
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Picture of Installment Sale
= vGross Scheduled Incom= e   $120,000
Vacancy Factor 5%  ($     6,000)
Gross Operating Income    $114,000
Expenses of Operation 30%  ($  36,000)
Net Operating Income   $   78,000
Assume 1st=  Trust Dee= d ($   45,212) =3D $  382,606 @ 8½%, Assumed
ash Flow   $    32,788                            
= vSeller Carried 2nd=  Trust Dee= d ($    35,168) $  502,394 @ 7%, Interest Only
Cash Flow ($      2,380)
Total Loans  $  885,000
Cash Down Payment   30% = $   380,000
&#= 13;
vSelling Price of Building $1,265,000
v
vThis means that you will market and sell the building for $1,265,000.
v<= span style=3D'font-size:44%'> Gross Rent Multiplier 10.54 = Capitalization Rate  6%
 Price Per Unit $126,500
v<= span style=3D'font-size:44%'>The first trust deed is at 8 ½ % interest, 15 years remaining, and payable in equal monthly payments of $3,767.68.  The 2nd Trust Deed is carried by the Seller at = 7%, interest only.
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Sellers 10 Year Retirement Picture
Installment Sale – Situation II=
vAfter Tax Cash Year of Sale
vCash from Down Payment $380,000
vLess Expenses of Sale 8% ($101,200)
vCash Remaining from Sale $278,800
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Estimated After Tax Net –
Year of Sale Situa= tion II
vTaxable Cash Year of Sal= e
vGross Cash Down Payment   $380,000
vPrincipal Paymen= ts Year of Sale $     -0-     .
vTaxable Cash Yea= r of Sale $380,000
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Estimated Taxes  Year of Sale
v Taxable Cash Year of Sale    $380,000
v Taxable Rate   . =        25.5 % <= /div>
v Estimated Taxes Year of Sale    $   96,900
v
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Estimated After Tax Net, Year of Sa= le
vInstall= ment Sale, Situation II
v
vCash Ye= ar of Sale $380,000 =
vLess Expenses of Sale ($101,200)
Less Estimated 
Taxes Year of Sale ($  96,900)
vAfter Tax
Net Cash Year of Sale $ 181,900
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Estimated 10 Year Income Situation = II
vThe investor puts the $181,900 in a 5% interest be= aring bank account and uses = the interest to live on.  That will am= ount to  <= span style=3D'font-size:88%'>$9,095 a year, or $757.92 a month.
vThe seller also has the $502,394 2nd=  Trust Deed earning $35,168 a year, or = $2,931 a month.
vThese two sources gives the installment sale selle= r a total of $757.92 + $2,931 = =3D $3,689 a month, plus the $4,000 of other retirement income, for a total monthly income of $= 7,689, or $92,268 a year.
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Situations Compared
v Situation I Situation II
Year
  1. $  30,875 $  92,268<= br>   2. $  30,875 $  92,268<= br>   3. $  30,875 $  92,268<= br>   4. $  30,875 $  92.268<= br>   5. $  30,875 $  92,268<= br>   6. $  30,875 $  92,268<= br>   7. $  30,875 $  92,268<= br>   8. $  30,875 $  92,268<= span style=3D'mso-tab-count:1;width:2.61%'>
  9. $  30,875 $  92,268<= br> 10. $  30,875 $  92,268=
Totals $= 308,750 $922,680
These cash flows would be taxable as ordinary income, probably 40%.  Combined Federal and State Marginal Income Bracket.
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End 10 Year Grosses
vIf we apply a 32% tax rate on the earned interest,= we could multiply the total= s by 68% and come out with the 10 year nets.
v Situation I Situation II
vNet Income   $308,750     $922,680=
vRetained Cash . <= /span>   68% . 68% =
vATCF   $209,950 $627,4= 22
vThe installment sale earns $36,490 or $3,649 annua= lly
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Pay Off 2nd Trust Deed End Year 10
vWhen the 2nd=  Trust Deed is paid off at the end of 10= years we will have to pay the taxes 72.75% on that;
v
vLoan Payoff   $502,394
vEstimated Taxes . 72.75%
vTaxable Proceeds   $365,492
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Pay Off 2nd Trust Deed End Year 10
vWhen the 2nd=  Trust Deed is paid off at the end of 10= = years we will have to pay the taxes on that;
v
vTaxable Note   $365,492
vEstimated Taxes . 25.5%
vEstimated Taxes   $   93,200
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After Tax Net from 2nd=  Trust Deed
vOne of the benef= its of the installment sale is the interest earned on the un= paid taxes over the period of the investment.
v
v Pay Off of 2nd=  Trust Deed $502,394
v Less Estimated Taxes ($  93,200)
v Estimated After Tax Net 2nd=  T.D. $409,194
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Estimated After Tax
10 Year Earnings Situations I and II
=
=
v Situation I Situation II
vCash Ye= ar of Sale $  617,491 $  181,900 After Tax Cash Flow $  209,950 $  627,422 After Tax Net from
Payoff 2nd Trus= t Deed $     -0-      . $  409,194
v
v10 Year Nets $   827,441 $1,218,516
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Overall 10 Year Earnings
vWe can see that the Installment Sale Method can give a much greater return over a period of time.
vThe taxes paid on the gain from the building would = be the same.  The advantage is that t= he taxes have been deferred, and while they were deferred th= ey were earning interest.
vFinally, the last of the taxes was paid with the proceeds from the payoff of the 2nd trust deed.
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The Re= al Advantages in the Installment Sale
vThere are more, = and greater benefits  from the use of = the Installment Sale.
vThe Seller can a= lter the Gross Profit Ratio by not letting the underlying l= oan be assumed.  This has the <= span style=3D'position:absolute;top:55.5%;left:2.43%;width:113.29%;height:6.75%= '>effect of lowering the tax rate on principal, and if the contract is written correctly the seller could get the benefit of the equity build-up on the underlying loans.
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Price Inflation a Benefit
vWhen we use the Installment Sale we can inflate the value of the building by lowering the down payment.  This makes the investment more attainable by more investors, increa= ses their leverage, and we can demand a higher price because of th= is increased market.
vWe can increase = the desirability by lowering the interest rate on the loan we are carrying.
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Increasing Values
vValues can be increased by increasing the four benefits of ownership. <= /span>
vLet’s look at the building the way we arranged the sale and call that Situati= on I, then let’s increase the value by lowering the interest rate,= and lowering the down payment.
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Value of Buildings
v Situation I Situation I= I
= v GSI $120,000 $120,000
 Vacancy 5% ($  6,000) ($    6,000)=
GOI $114,000 $114,000
 Expenses 30% ($ 36,000) ($  36,000)
 NOI $  78,000   $  78,000
 1st T.D. ($  77,968) =3D $  845,000* ($   63,000) =3D  $1,050,000 @6%**
 Cash Flow= $         32   $   15,000
v
= v Total Loans    $  845,000 =3D $1,050,000
 Cash Down Payment 25%    $  280,000 20% $   262= ,500 =
Selling Price    $1,125,000 $1,312,500
v Gross Rent Multipliers 9.375= 10.9375
v Capitalization Rate 6.93%   5.94%
v Per Unit Cost $112,500 $131,250
v
= v* $845,000 at 8 ½ % Interest, amortized for 30 years = and payable in equal monthly installments of $6,497.32
** $1,050,000 at 6%, interest only, all due and payable 10 years from creation.    
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The Wonders of Marketing
vInflating the value of a building by lowering the <= /span>down payment, and lowering the interest rate, is not only possible it has been done over and over again.  Most of us don’t think of methods like this.  This is a widely used business technique.
vNot only does it work, it expands your marketing potential and area.
vYou’ve raised the price while lowering the interest= rate, creating a greater cash flow and lowering the down payment.
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Arranging Loans to Advantage
vWe are so used to having loans that have static payments.  They are usually amortized for 30 year= s, and payable in equal monthly installments.  That doesn’t have to be the case.  Every time you change the norm, you create or diminish value.
vIf you raise the interest rate you lower the cash f= low, if you lower the interest rate you raise the cash flow.  Lowering the cash flow is a benefit that can be rewarded by raising the purchase pri= ce.
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Loans Can Be
vLoans can be interest on= ly.
vLoans can have partial payments.
vLoans can have interest and  NO PAYMENTS.
vLoans can have ascending interest rates.
vLoans can  have NO Interest and NO Payments. =
v
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Our Current Example
vIf we market and sell the 10 unit apartment building using a lower down payment and lower interest rates what will be the outcome for the Bu= yer and for the Seller?
vWill we have rea= lly created a better situation?
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Creating Value With Low Downs
v Situation I
<= span style=3D'mso-special-format:nobullet;display:none;font-family:Wingdings; font-size:75%'>v GSI <= /span> $120,000
Expenses 30% ($ 36,000)
NOI $  78,000
1st T.D. ($  74,477) =3D $1,300,000*
 Sub-Total Net $    3,523)
 2nd Trust Deed ($       -0- )     
Cash Flow $     3,523
v
<= span style=3D'mso-special-format:nobullet;display:none;font-family:Wingdings; font-size:75%'>v Total Loans    $1,300,000
 Cash Down Payment 10%    $  145,000 

Selling Price    $1,445,000
= v Gross Rent Multipliers 12.04
 Capitalization Rate 5.40%
v Per Unit Cost   $144,500
v
v* $1,300,000 at 4 % Interest, amortized for 30 years = and payable in equal monthly installments
 of $66,206.40
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Can We Sell It?
vHere you have raised the price by dramatically low= ering the down payment to 1= 0% of Value, which is $135,000 less than this building in our 30% down example as Situation I.  You have raised the loan by $455,000, and note you now= have a cash flow of $3,5= 23 from a cash flow of $32 in our Previous Situation I.
v There remains two questions. 
1. Will anyone buy the building? 
2.  How wi= ll we get a 4% Loan?
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We Have Had Experience With This
vTo many times we have ideas such as this but they <= /span>are never tested.  I am happy to tell = you that every idea I give you in these classes has been used <= /span>= successfully. 
vIt is important to you that you know which markets = these can be used in. 
vFurther it is important to know that most can be = adapted for any market.
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Gross Profit Ratio
vWhen the gross profit= ratio is low, then the amount of principal that is subject to taxes will be lower. =
vThis is easy enough t= o do when there are loans that are being assumed.  If the loans are= not assumed, taken subject to, or an All Inclusive Trust Deed or Contract of Sale is used, the loan is not = used in the calculation.  <= /span>
vUse our 10 unit examp= le, inflated, with an old, or new, 1st Trust Deed of $600,000 at 7% interest, amortized for 30 years= and payable in equal monthly installments of  $3,999.82.
vLet’s look at that.  Using our example on slide of this cla= ss we would have the following= ;
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Use of= a 1st=  Trust Dee= d & a 2nd Trust Deed
v Situation I
<= span style=3D'mso-special-format:nobullet;display:none;font-family:Wingdings; font-size:75%'>v GSI <= /span> $120,000
Expenses 30% ($ 36,000)
NOI $  78,000
1st T.D. ($  47,902) =3D $  600,000 @ 7%, *
 Sub-Total Net $  30,098)
 2nd Trust Deed ($  30,000)   =3D $  750,000 @ 4%, Interest Only **<= span style=3D'font-size:50%'>   
Cash Flow $        98
v
= v Total Loans $1,350,000
 Cash Down Payment 10% $  150,000 

Selling Price $1,500,000
= v Gross Rent Multipliers 12.50
 Capitalization Rate 5.20%
v Per Unit Cost    $150,000
v
= v $600,000 @ 7% Interest, amortized for 30 years, and payable in equal monthly
payments of $3,991.82
v
• $700,000 @5%, interest only,= and payable in equal monthly installments of
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Manipulation of Gross Profit Ratio
vWhen the gross profit ratio is low, then the amount= of principal that is subject to taxes will be lower.
vThis is easy enough to do when there are loans that= are being assumed.  If the loans are n= ot assumed, taken subject to, or an All Inclusive Trust De= ed or Contract of Sale is used, the loan is not used in the calculation. 
vLet’s l= ook at that.  Using this $1,500,000 ex= ample;
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Figure the Contract Price
vIf there are underlying loans, and those loans are not assumed by the buyer, th= en the contract price would equal;
vGross Sales Pric= e   $1,500,000                     
vLess Mortgages Assumed by Buyer ($      -0-   )
vPlus any
Excess of Mortgage Over Basis ($      -0-      ) <= /div>
vContract Price   $1,500,000            
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When the Contract Price is Higher
= vWhen the Contract Price is higher, the Gross Profit= Ratio is lower.  That means that less principal is subject to taxes
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Figuring the Gross Profit Again
vThe Gro= ss Profit is the Selling Price, less the expenses of sale, less the adjusted tax basis;
v
vSelling Price of Building $1,500,000
vLess Expenses of Sale 8% ($   120,000)
vLess Adjusted Tax Basis ($   521,820)
vGross Profit $   858,180
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Now Figure the Gross Profit Ratio
<= span style=3D'position:absolute;top:28.74%;left:3.74%;width:108.61%;height:6.0%= '>vWhen the Contract Pri= ce is Higher, and the Gross Profit is the same, the Gross Profit Ratio is Lower;
     Net Gain
Contract Price
=3D
     $858,180
$1,500,= 000
=3D
57.21%=
= Our last Gross Profit Ratio was 75.75%.  That means that 75.75% of the Gross Profit was being taxed, now, because there was no assu= mption of the underlying loans only 57.21% of the Principle received is taxable.
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What Does That Mean?
=
vThis me= ans that any 57.21% of any principle received will be taxed at long term capital gains rates, both Federal and State of California.
vAll interest received will be taxed at regular tax rates.
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Underlying Financing
vThe seller will = make the payments on the underlying $600,000 @ 7% Interest, amortized for 30 years, and payable in equal monthly
payments of $3,991.82
vThe Seller will get the Equity Buildup and Interest write off from this 1st=  Trust De= ed.
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Cash Year of Sale
vNet Cash From Sales
vSelling Price of Building $1,500,000
vLess 1st Trust Deed ($   600,000)=
vLess 2nd Trust Deed ($   750,000)
vCash Down Payment $   150,000=
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Taxable Principle Year of Sale
=
vPrinciple Receiv= ed $150,000
vTimes Gross Prof= it Ratio            57.21%
vCash Subject to Taxes
Year of Sale $  85,815
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Estimated Taxes on Principle
Year of Sale
vTaxable Principle $85,815
vEstimated Tax
vLong Term Capital Gain
State and Federal      25.5%
v
vEstimated Taxes $21,883
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Estimated After Tax
Cash Close of Escrow
=
vCash Down Paymen= t   $150,000
vLess Expenses of Sale ($120,000) <= /div>
vLess Estimated T= axes ($  21,883)
vAfter S= ale Net
From Cash Down =   $ 8,117
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Annual Payments on Loans
vThe seller is paying $ 3,991.82 each month out on <= /span>the 1st Trust Deed, but the buyer is paying the= m the $3,991.82 via an All Inclusive Trust Deed, or Contract of Sale.
vThe Sel= ler is getting from the buyer;
vCash for 1st Trust Deed $3,991.82
Cash for 2nd Trust Deed $2,500.00
vTotal Monthly from Buyer $6,= 491.82
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Sellers’ Net From Monthly Payment
vTotal Monthly Payment $6,491= .82
vLess Payment on 1st ($3991.82)
vNet from payments $2,500.00
v
vThe seller would have taxes on this $2,500, and ac= tually have taxes on the equity build-= up on the underlying $600,0= 00.  Using a 32% Marginal Tax Bracket let’s= look at their estimated mon= thly earnings.
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Estimated Annual Earnings Payments<= /div>
v Payment Payment    Net
Year From Buyer On 1st T.D. To Seller
v   1. $  77,901.84 $  47,901.84 $  30,000
   2. $  77,901.84 $  47,901.84 $  30,000
   3. $  77,901.84 $  47,901.84 $  30,000
   4. $  77,901.84 $  47,901.84 $  30,000
   5. $  77,901.84 $  47,901.84 $  30,000
   6. $  77,901.84 $  47,901.84 $  30,000
   7. $  77,901.84 $  47,901.84= $  30,000
   8. $  77,901.84 $  47,901.84= $  30,000
   9. $  77,901.84 $  47,901.84= $  30,000
 10. $  77,901.84 $  47,901.84 $  30,000
vTotals $779,018.40 $479,018.40 $300,000
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Equity Build-Up on 1st=  Trust Deed
=
vYear
v   1. $    6,095
v   2. $    6,535
v   3. $    7,008
v   4. $    7,515
v   5. $    8,058
v   6. $    8,640
v   7. $    9,265
v   8. $    9,935
v   9. $  10,653
v 10. $  11,4= 23
v Total= $  85,126
v
vThe Balance of the $6= 00,000 loan at the end of the 10th year is $514,874, the buyer will pay the seller the whole $600,000.  The Seller has earned $85,126 because = of the equity build-up, or approximately $8,512 a year.
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Estimated Net After Taxes
From Monthly Payme= nt
=
vEstimated Tax Bracket 32%
v $30,000 Income
v 32% Marginal Bracket
v $  9,600 Estimated Taxes
v
vAnnual Income less Taxes <= /span>After Tax Net
v $30,000   - $9,600 =3D $20,400
v
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Estima= ted After Tax Net From Payments
v
v
v
v $20,400 Annually or $1,700 Monthly
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Ten Years Pass
The Buyer Pays Off The Loans
vBuyer Pays 1st Trust Deed   $  600,000
vBuyer Pays 2nd Trust Deed   $  750,000
vTotal Payoff   $1,350,000
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Sellers’ Net From Loans
=
vSellers’ 10 Year= Net From Loans
v
vBuyer Pays Off <= span style=3D'mso-tab-count:7;width:31.7%'>    $1,350,000
vSeller Pays Off = 1st=  Trust Deed  ($  514,874)
vBefore Tax Net To Seller    $  835,126
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Taxable Income From Sale
vPrinciple From Sale X =   GPR =3D Taxable Inco= me
v$1,350,000 X   57.21% =3D $772,335
v
vEstimated Taxes for Long Term Capital Gain would be;
v$772,335 X 25.5% =3D $196,945
v
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Net Cash From Payoff
vPayoff= $1,350,000
vLess Underlying Loan $   514,874
vNet From Payoff $   835,126
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Estimated After Tax Net From Payoff=
vNet From Payoff $   835,126
vLess Estimated Taxes ($   = 196,945)
v
vEstimated After Tax Net<= span style=3D'mso-tab-count:2;width:7.19%'> $638,181
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Estimated Ten Year Return
vAfter Tax Net Year of Sale   $      8,117
vAfter Tax Net From Payments   $   204,000
vAfter Tax Net From Payoff   $   638,181
vTen Year After Tax Net   $  850,298
v
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Buildings Average Annual Return
v Buildings Average Annual Return is;
v
v
v $85,030
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Measured as A Return
v
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",1,-1,1),new hrefList("slide0067.htm",1,-1,1),new hrefList("slide0071.htm"= ,1,-1,1),new hrefList("slide0072.htm",1,-1,1),new hrefList("slide0073.htm",= 1,-1,1),new hrefList("slide0074.htm",1,-1,1),new hrefList("slide0075.htm",1= ,-1,1),new hrefList("slide0076.htm",1,-1,1),new hrefList("slide0118.htm",1,= -1,1),new hrefList("slide0119.htm",1,-1,1),new hrefList("slide0120.htm",1,-= 1,1),new hrefList("slide0121.htm",1,-1,1),new hrefList("slide0122.htm",1,-1= ,1),new hrefList("slide0123.htm",1,-1,1),new hrefList("slide0124.htm",1,-1,= 1),new hrefList("slide0125.htm",1,-1,1),new hrefList("slide0126.htm",1,-1,1= ),new hrefList("slide0127.htm",1,-1,1),new hrefList("slide0128.htm",1,-1,1)= ,new hrefList("slide0129.htm",1,-1,1),new hrefList("slide0130.htm",1,-1,1),= new hrefList("slide0131.htm",1,-1,1),new hrefList("slide0132.htm",1,-1,1),n= ew hrefList("slide0133.htm",1,-1,1),new hrefList("slide0134.htm",1,-1,1),ne= w hrefList("slide0135.htm",1,-1,1),new hrefList("slide0136.htm",1,-1,1),new= hrefList("slide0137.htm",1,-1,1),new hrefList("slide0138.htm",1,-1,1),new = hrefList("slide0139.htm",1,-1,1),new hrefList("slide0140.htm",1,-1,1),new h= refList("slide0141.htm",1,-1,1),new hrefList("slide0142.htm",1,-1,1),new hr= efList("slide0143.htm",1,-1,1),new hrefList("slide0144.htm",1,-1,1),new hre= fList("slide0145.htm",1,-1,1)); /********************************************* Frameset functions These functions control slide navigation and state of the frameset. **********************************************/ function FullScrInit() { g_allowAdvOnClick =3D GetCurSld().mAdvOnClk document.body.style.backgroundColor=3D"black" document.oncontextmenu=3Dparent._CM; document.onkeydown =3D _KDH; document.ondragstart=3DCancel document.onselectstart=3DCancel self.focus() } function Redirect( frmId ) {=09 var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId() if(idx>=3D0) str=3Dstr.substr(1); if( window.name !=3D frmId && ( sId !=3D str) ) { obj =3D GetObj("Main-File") window.location.href=3Dobj.href+"#"+sId return 1 } return 0 } var MHTMLPrefix =3D CalculateMHTMLPrefix();=20 function CalculateMHTMLPrefix() { if ( document.location.protocol =3D=3D 'mhtml:') {=20 href=3Dnew String(document.location.href)=20 Start=3Dhref.indexOf('!')+1=20 End=3Dhref.lastIndexOf('/')+1=20 if (End < Start)=20 return href.substring(0, Start)=20 else=20 return href.substring(0, End)=20 } return ''; } function GetTags(base,tag) { if(g_supportsPPTHTML) return base.all.tags(tag); else return base.getElementsByTagName(tag); } function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP= refix+GetHrefObj( gCurSld ).mNtsHref ) } function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() } function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() } function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() } function SetHasNts( fVal ) { if( gHasNts !=3D fVal ) { gHasNts=3DfVal UpdNavPane() } } function ToggleOtlText() { gOtlTxtExp=3D!gOtlTxtExp UpdOtlPane() } function ClearMedia() { // Clear any sounds playing before launching another browser window. Other= wise, // in fullscreen mode, you'll continue to hear the sound in the frames mod= e. if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0; } function FullScreen() {=20 if ( PPTSld.g_animUseRuntime ) PPTSld.document.body.pause(); ClearMedia(); var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF = : FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref; if(PPTNav.event.ctrlKey) { var w =3D (window.screen.availWidth * 1.0) / 2.0 var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top= =3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } else { win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } } function ToggleVNarration() { rObj=3DPPTSld.document.all("NSPlay") if( rObj && !PPTSld.g_animUseRuntime ) { if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) ) rObj.Play() else if( rObj.playState =3D=3D 2 ) rObj.Pause() else return; } else if( PPTSld.g_animUseRuntime ) { narObj =3D PPTSld.document.all("narrationID") if( narObj ) narObj.togglePause() } } function GetCurSldNum() { =20 obj=3DGetHrefObj(gCurSld) if( obj.mOrigVis =3D=3D 1 ) return obj.mSldIdx else =20 return gCurSld } function GetNumSlds() { =20 if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 ) return GetSldList().mNumVisSlds; else return GetSldList().mList.length } function GetSldNum( href ) { for(ii=3D0; ii 1 ) PopSldList(); else if( !IsFramesMode() ) { if( gLoopCont ) GoToFirst() else EndShow() } } function GoToPrevSld() { ii=3DgCurSld-1 if( ii > 0 ) { obj=3DGetHrefObj(ii) while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) ) obj=3DGetHrefObj(--ii) if( ii =3D=3D 0 ) ii=3D1 GoToSldNum(ii) } } function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) } function GoToLast() { ii=3DGetSldList().mList.length if( ii !=3D gCurSld ) GoToSld( GetHrefObj(ii).mSldHref ) } function GoToSldNum( num ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue obj =3D GetHrefObj( num ) obj.mVis=3D1 gPrevSld=3DgCurSld gCurSld =3D num; PPTSld.location.replace(MHTMLPrefix+obj.mSldHref) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function GoToSld( href ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue GetHrefObj( GetSldNum(href) ).mVis=3D1 PPTSld.location.replace(MHTMLPrefix+href) } function SldUpdated( id ) { if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return gPrevSld=3DgCurSld gCurSld=3DGetSldNum(id) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) } function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO= bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) } function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) } function CloseWindow() { if( HideMenu() ) return; =09 var event =3D PPTSld.event; if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D= =3D32 || event.type=3D=3D"click" ) ) window.close( self ); CatchNumKeys( self, event ); } function Unload() { gIsEndShow=3D0; } function SetupEndShow() { gIsEndShow=3D1; PPTSld.document.body.scroll=3D"no"; PPTSld.document.onkeypress=3DCloseWindow; PPTSld.document.onclick=3DCloseWindow; PPTSld.document.oncontextmenu=3D_CM; } function EndShow() { if( IsFramesMode() ) return if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue doc=3DPPTSld.document var dir =3D doc.body.dir if( dir !=3D "rtl" ) dir =3D "ltr"; doc.open() doc.writeln('


' + ENDSHOW_MESG + '

') doc.close() } function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue } function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited } function hrefList( sldHref, visible, advDelay, advClk ) { this.mSldHref=3D this.mNtsHref =3D sldHref this.mOrigVis=3D this.mVis =3D visible this.mVisited=3D false this.mAdvDelay=3D advDelay this.mAdvOnClk=3D advClk } function SldList(arr,curSld,fEnd) { this.mCurSld =3D curSld; this.mList =3D new Array(); var idx =3D 1; for(ii=3D0;ii 0) { PushSldList(sldList,fEnd); gCurSld =3D 1; } else if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue } function PushSldList(arr,fEnd) { var ii =3D gSldStack.length; gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd); GoToSld( gSldStack[ii].mList[0].mSldHref ); } function PopSldList() { if (gSldStack[gSldStack.length-1].fEndShow) EndShow() else { gCurSld =3D gSldStack[gSldStack.length-1].mCurSld; gSldStack[gSldStack.length-1] =3D null; gSldStack.length--; var sldList =3D gSldStack[gSldStack.length-1]; GoToSld( sldList.mList[gCurSld - 1].mSldHref ); } } var custShowList=3Dnew Array(); /********************************************* Navigation button implementation There are 2 types of buttons: ImgBtn, TxtBtn implemented as function objects. They share a similiar interface so the event handlers can call SetActive, for example, on a button=20 object without needing to know exactly=20 what type of button it is. **********************************************/ //---------------------------------- function ImgBtn( oId,bId,w,action ) //---------------------------------- { var t=3Dthis t.Perform =3D _IBP t.SetActive =3D _IBSetA t.SetInactive=3D _IBSetI t.SetPressed =3D _IBSetP t.SetDisabled=3D _IBSetD t.Enabled =3D _IBSetE t.ChangeIcon =3D null t.UserAction =3D action t.ChgState =3D _IBUI t.mObjId =3D oId t.mBorderId=3D bId t.mWidth =3D w t.mIsOn =3D t.mCurState =3D 0 } function _IBSetA() { if( this.mIsOn ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _IBSetI() { if( this.mIsOn ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0=20 } } function _IBSetP() { if( this.mIsOn ) { obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 ) obj.style.posLeft+=3D1; obj.style.posTop+=3D1 } } function _IBSetD() { =20 obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 ) obj.style.posTop=3D0=20 } function _IBSetE( state ) { var t=3Dthis GetObj( t.mBorderId ).style.visibility=3D"visible" if( state !=3D t.mIsOn ) { t.mIsOn=3Dstate if( state ) t.SetInactive() else t.SetDisabled() } } function _IBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( t.ChangeIcon ) { obj=3DGetObj(t.mObjId) if( t.ChangeIcon() ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth else obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth } t.SetActive() } =20 } function _IBUI( clr1,clr2,nextState ) { var t=3Dthis SetBorder( GetObj( t.mBorderId ),clr1,clr2 ) obj=3DGetObj( t.mObjId ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj= .style.posTop t.mCurState=3DnextState return obj } //----------------------------------------- function TxtBtn( oId,oeId,action,chkState ) //----------------------------------------- { var t=3Dthis t.Perform =3D _TBP t.SetActive =3D _TBSetA t.SetInactive=3D _TBSetI t.SetPressed =3D _TBSetP t.SetDisabled=3D _TBSetD t.SetEnabled =3D _TBSetE t.GetState =3D chkState t.UserAction =3D action t.ChgState =3D _TBUI t.mObjId =3D oId t.m_elementsId=3D oeId t.mIsOn =3D 1 } function _TBSetA() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gHiliteClr,gShadowClr,0,0 ) } function _TBSetI() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) } function _TBSetP() { if( this.mIsOn ) this.ChgState( gShadowClr,gHiliteClr,1,1 ) } function _TBSetD() { =20 this.ChgState( gFaceClr,gFaceClr,0,0 ) this.mIsOn =3D 0 } function _TBSetE() { var t=3Dthis if( !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) else t.ChgState( gShadowClr,gHiliteClr,1,1 ) t.mIsOn =3D 1 } function _TBP() { var t=3Dthis if( t.mIsOn ) {=20 if( t.UserAction !=3D null ) t.UserAction() if( !t.GetState ) return if( t.GetState() ) t.SetPressed() else t.SetActive() } =20 } function _TBUI( clr1,clr2,lOffset,tOffset ) { SetBorder( GetObj( this.mObjId ),clr1,clr2 ) Offset( GetObj( this.m_elementsId ),lOffset,tOffset ) } function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle= ft } function SetBorder( obj, upperLeft, lowerRight ) { s=3Dobj.style; s.borderStyle =3D "solid" s.borderWidth =3D 1=20 s.borderLeftColor =3D s.borderTopColor =3D upperLeft s.borderBottomColor=3D s.borderRightColor =3D lowerRight } function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] } function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() } function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() } function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() } function BtnOnUp() { b=3DGetBtnObj() if( b !=3D null ) b.Perform() else Upd() } function GetNtsState(){ return parent.gNtsOpen } function GetOtlState(){ return parent.gOtlOpen } function GetOtlTxtState(){ return parent.gOtlTxtExp } function NtsBtnSetFlag( fVal ) { s=3Ddocument.all.item( this.m_flagId ).style s.display=3D"none" if( fVal ) s.display=3D"" else s.display=3D"none" } function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etActive() } function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etInactive() } function _BSetP_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etPressed() } function _BSetA_BorderImg() {=20 b =3D gBtnArr[this.mBorderId]=20 if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _BSetI_BorderImg() {=20 b =3D gBtnArr[this.mBorderId] if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0 } } var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"= THREEDFACE" var gBtnArr =3D new Array() gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan= e,GetOtlState ) gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt= lPane,GetOtlState ) gBtnArr["nb_nts"] =3D new ImgBtn( "nb_nts","nb_ntsBorder",10,parent.ToggleN= tsPane ) gBtnArr["nb_nts"].SetActive =3D _BSetA_BorderImg; gBtnArr["nb_nts"].SetInactive =3D _BSetI_BorderImg; gBtnArr["nb_ntsBorder"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.= ToggleNtsPane,GetNtsState ) gBtnArr["nb_ntsElem"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.To= ggleNtsPane,GetNtsState ) gBtnArr["nb_prevBorder"] =3D gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","n= b_prevBorder",30,parent.GoToPrevSld ) gBtnArr["nb_nextBorder"] =3D gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","n= b_nextBorder",30,parent.GoToNextSld ) gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent= .FullScreen ) gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa= rent.FullScreen,null ) gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border; gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent= .FullScreen,null ) gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border; gBtnArr["nb_voice"] =3D gBtnArr["nb_voiceBorder"] =3D new ImgBtn( "nb_voice= ","nb_voiceBorder",18,parent.ToggleVNarration ) gBtnArr["nb_otlTxtBorder"] =3D gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlT= xt","nb_otlTxtBorder",23,parent.ToggleOtlText ) gBtnArr["nb_ntsBorder"].m_flagId=3D "nb_nts" gBtnArr["nb_ntsBorder"].SetFlag =3D NtsBtnSetFlag gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState /********************************************* Context menu implementation _CM() is the function that's hooked up to the oncontextmenu event. Once we're asked to show the menu, we first build it by creating DIVs on-the-fly. Then we position it=20 within the screen area so it doesn't get clipped. Creating the DIVs using createElement() means we don't have to write out any extra HTML into the slide HTML files. **********************************************/ var sNext=3D"Next",sPrev=3D"Previous",sEnd=3D"End Show",sFont=3D"Arial",sAr= row=3D"Arrow",sFreeform=3D"Freeform",sRect=3D"Rectangle",sOval=3D"Oval" function ShowMenu() { BuildMenu(); var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y= =3DPPTSld.event.clientY+doc.scrollTop m =3D PPTSld.document.all.item("ctxtmenu") m.style.pixelLeft=3Dx if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) ) m.style.pixelLeft=3Dx-m.scrollWidth m.style.pixelTop=3Dy if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) ) m.style.pixelTop=3Dy-m.scrollHeight m.style.display=3D"" } function _CM() { if( !parent.IsFullScrMode() ) return; if(!PPTSld.event.ctrlKey) { ShowMenu() return false } else HideMenu() } function BuildMenu() { if( PPTSld.document.all.item("ctxtmenu") ) return var mObj=3DCreateItem( PPTSld.document.body ) mObj.id=3D"ctxtmenu" mObj.style.visibility=3D"hidden" var s=3DmObj.style s.position=3D"absolute" s.cursor=3D"default" s.width=3D"120px" SetCMBorder(mObj,"menu","black") var iObj=3DCreateItem( mObj ) SetCMBorder( iObj, "threedhighlight","threedshadow" ) iObj.style.padding=3D2 CreateMenuItem( iObj,sNext,M_GoNextSld,M_True ) CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld ) =09 CreateSeparator( iObj ) CreateMenuItem( iObj,sEnd,M_End,M_True ) mObj.style.visibility=3D"visible" } function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa= lue=3Dfalse } function Highlight() { ChangeClr("activecaption","threedhighlight") } function Deselect() { ChangeClr("threedface","menutext") } function Perform() { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) e.Action() else PPTSld.event.cancelBubble=3Dtrue } function ChangeClr( bg,clr ) { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) { e.style.backgroundColor=3Dbg e.style.color=3Dclr } } function M_HasPrevSld() { return( parent.HasPrevSld() ) } function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() } function M_GoPrevSld() { if( gIsEndShow ) { gIsEndShow=3D0; history.back();= PPTSld.event.cancelBubble=3Dtrue; } else GoToPrevSld() } function M_True() { return true } function M_End() { window.close( self ) } function CreateMenuItem( node,text,action,eval ) { var e=3DCreateItem( node ) e.type=3D"menuitem" e.Action=3Daction e.IsActive=3Deval e.innerHTML=3Dtext if( !e.IsActive() ) e.style.color=3D"threedshadow" e.onclick=3DPerform e.onmouseover=3DHighlight e.onmouseout=3DDeselect s=3De.style; s.fontFamily=3DsFont s.fontSize=3D"9pt" s.paddingLeft=3D2 } function CreateSeparator( node ) { var sObj=3DCreateItem( node ) SetCMBorder(sObj,"menu","menu") var s=3DsObj.style s.borderTopColor=3D"threedshadow" s.borderBottomColor=3D"threedhighlight" s.height=3D1 s.fontSize=3D"0px" } function CreateItem( node ) { var elem=3DPPTSld.document.createElement("DIV") node.insertBefore( elem ) return elem } function SetCMBorder( o,ltClr,rbClr ) { var s=3Do.style s.backgroundColor=3D"menu" s.borderStyle=3D"solid" s.borderWidth=3D1 s.borderColor=3DltClr+" "+rbClr+" "+rbClr+" "+ltClr } ------=_NextPart_01C435AF.7718A7F0 Content-Location: file:///C:/6A7B11E5/14ChapterInstallmentSale_files/fullscreen.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="windows-1252" ------=_NextPart_01C435AF.7718A7F0 Content-Location: file:///C:/6A7B11E5/14ChapterInstallmentSale_files/buttons.gif Content-Transfer-Encoding: base64 Content-Type: image/gif R0lGODlhWAESAPf4AAAAAIAAAACAAICAAAAAgIAAgACAgICAgAQEBISEBASEBISEhAQEhMTExAQE /KTM9Pz8/ERERPz8BAT8/KSkpGRkhMTcxCRkxAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAMDAwP8AAAD/AP//AAAA//8A/wD//////yH5BAEAAPgALAAAAABYARIA QAj/APEJHEiwoMGDCBMqXMiwocOHECNKnEixosWLGCEiQKCRo8YDIEHig2DxAD4LKD1avDDhgUuV GUOGbHBR5QGYFBG4fHAB58EKECJEwCfUYAWPFGAygLCRKQIIUKM6WAohKUGgCikcFWh1INWoYKVS 7SrQ41GbIhGYLAuVQVOoC+IyXUuUAkG1HE3KFDhAwkgJc5/qDZmxsOHDiBMrXsy4sePDGyP7lChT 5MULmDPnlDw5YmW6FTNrfgi0aNGEZPEtbfo2bNTUpYeeRph69dPWrqvCNFuBIGG1A59CYPAVQtwF cw0OxWdTIOiBCQAjaAB17fOFII8voGmRc+eOkilm/z9OvTtnjN4hYk1YoT3H2rnBOphPAB9skgq3 2lcaX/5YnJVt9BloAar12UEIRGCZdQghMABI1Tn32IQUVthYexhmqGGGMBHAgIfEhSiiiATAtOGJ GnYI4ogsEldicAYOGNJGZaml3Y0L3NTZUBz1xlB0PUoUI0jlVWRSVN89xBKSGB1YU1TMoRfVBEle hR9HQs1GEHxQ3RZZbveZthxt/LEmXHyp5XWABSCpaRJwbM13gAACPHVccgJFgF+NEhqUAEkQSCfc ddhVhh5dVTaEAEsTUNlkZUWKN9BNGDE6QU8OrSdbllzpxyVTTrU21Uj3scfhp7nNpyoDaTIEJ3P9 If8J2kbLNYegg9JRBwGhFvbq66+ZUiDssMQWK2yHxiZLrInKNotss8l+B5yBrr5p2UIJvortANoC 6+234IbLla/elRtZjeamh5CC3Sb0YLvixivvYkDFGlZqBNh7r4n6goVvv6/ZlCicN+kL71ALTnpQ dCIZp7CihkLA3UQmoWRBogyxtBPGCTnZncVR1rSTo5nuydC/Eo8kUH+lOoTyyvjoCuZu+PjYIKLD rZybtrM1d10C0QXKEVz48GrQkEeWdFJKlbb0UmEeV0SzyC6RvNB646LWIVjUNeC1zAFb+RDKXksM 9r531bwmpQW9+hQDDsx5pqwDRWBXcFES2hc+gEn/wJGdEEWdE6LoWcoxQweaTNmkhydkKaYMYY2Q p1unbLl/pPKbn3v7EZRvrKvqlja2ONvrtoIw9tn2g32/tQBlhtYkU+MNikZ7QYlPDPuMldpOmuJX nVo5VF3HjI+q89mteX5IDd/fVFClma5kiE4f2XUJhlz09gj2NbTDRifkmu7zXjR++RVJ/lPznuvr QH2iD6S+UewP9Dnon6d2NLwN8n90BB6hC68cFMCHoe+ACASP9c4DowUyEF0OPFcDI0ij/VXPaAKC UfhS95AKGoQ7IBRICI1HwhGaUIQoLGEKT6jCFrLwhSuMoQtlCMMZ2rCGOKShDm+4wxzy8Ic+DGIP B4cIRCKGMCAAOy== ------=_NextPart_01C435AF.7718A7F0 Content-Location: file:///C:/6A7B11E5/14ChapterInstallmentSale_files/frame.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="windows-1252" PowerPoint Presentation ------=_NextPart_01C435AF.7718A7F0 Content-Location: file:///C:/6A7B11E5/14ChapterInstallmentSale_files/outline.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="windows-1252"
 No= tes
Slide Show
Outline
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