In Year 3 Hardy, an individual, sold Section 1250 property for $200,000 that had an adjusted basis of $120,000, resulting in a gain of $80,000. The original cost of the property, which Hardy had purchased in Year 1, was $180,000, and $60,000 of depreciation had been taken. Had straight-line depreciation been used, depreciation would have been $30,000. How should Hardy report the gain on Hardys Year 3 tax return? $40,000 ordinary gain and $40,000 long-term capital gain $30,000 ordinary gain and $50,000 long-term capital gain $80,000 ordinary gain $16,000 ordinary gain and $64,000 long-term capital gain