Cash out refi rental then sell. Taxes owe?

[J Corona]

Cash out refi than Selling: I have a rental property I owe 60k, appraised 220k, I can get 168k cash out and pay off the 60k to have 108k in cash… now if I turn around and sell for 240k. Do I owe taxes on only the difference of 240k minus 168k = 72k? Or do I owe taxes on 240k minus - 68k = 172k ? 

Owe taxes on $72k or $172k ?

[Rick Pozos]

The loan you have on the property has nothing to do with your profit or taxes that you pay when you sell.