Not quite. I didn't do the actual math but your capital gain is the sales price minus the purchase price exclusive of the depreciation. The depreciation is the unrecaptured gain is taxed as ordinary income. Page 2 of Form 4797 shows this calculation.
20 Gross sales price ??????
21 Cost or other basis plus expense of sale 175000
22 Depreciation (or depletion) allowed or allowable 124906
23 Adjusted basis. Subtract line 22 from line 21 50094
24 Total gain. Subtract line 23 from line 20 .
