Dan sells his manufacturing plant and land originally purchased in 1980. Accelerated depreciation had been taken on the building, but the building is now fully depreciated. Dan is in the 39.6 percent marginal tax bracket this year in 2016. Other information is as follows:

Property	Original Cost	Total Depreciation	Adjusted Basis	Selling Price
Plant Builting	$2,800,000	$2,800,000	0	$3,200,000
Land	$500,000	N/A	$500,000	$800,000

Dan has not sold any other assets in 2016. A review of Dan's files shows that the only other disposition of business assets in the past five years was a truck sold for a $12,000 loss last year. Give the amounts and character of Dan's gains on the saleandthe applicable tax rates at which those gains will be taxed in2016.