I believe that you are correct, it wouldn't be any different than selling a piece of equipment that has been depreciated out.

Maybe "Jake", from SE Iowa, can weigh in.  I am not an accountant, but this is my understanding of capital gains tax.  If you buy land, stocks, and machinery, the price you pay for it, is the basis.  The basis is money that income tax has already been paid on.  If you sell one of these items, that has a basis, and you sell it for more than you paid for it, you will be taxed capital gains tax on anything over the basis.  For example, if in 2005, I bought a used 4020 for $5000, and depreciated it out completely, and sold it for $7000 in 2015, my tax obligation would be $2000 on capital gains tax and real income tax on the $5000.