Emil purchased an apartment building in $2016$ for $$200,000$ and made improvements over time in the amount of $$50,000.$ The initial purchase included $$15,000$ for land value. Emil took all allowable depreciation, totaling $$54,000.$ He sold the entire property in $2022$ for $$350,000,$ with no sale expenses. What are his total gains on the building and improvements only, reported in Part III of Form $4797?$

$$$$142,750$

$$$$150,000$

$$$$196,750$

$$$$204,000$