Tax Year - 2018

Robert acquired his rental property 10 years ago for $110,000 and sold it in the current year for $230,000. The accumulated straight-line depreciation on the property at the time of the sale was $35,000. Robert is in the 32 percent tax bracket for ordinary income.

a. What is Roberts gain on the sale of his rental property?

b. How is the gain taxed? (i.e., what tax bracket is the gain subject to)?