Doing multiple rehabs with revolving debt

[Malik Welch]

Hey BP I have a  scenario question for any rehabbers or Accountants.

If I have a private lender lend me 100,000 for a year at 12% APR for me to use the money as many times as I'd like through out the 12 month period doing deals. Let's say I'm able to complete 5 flips.

To keep it simple let's assume I buy for 30k put 30k into it and sell for 100k on all 5 flips. 

After 10% selling cost I have 90k on each.

The end of the year I give him 112k back and I have 450,000 

(90 X the 5 flips)

Will I be taxed as if I made 450k or the 30k gain on each flip. ?