Calculating My Buyout as Partner

[Nathan K.]

I've lurked around here quite often for good while now. It's time for an actual post.

A partner and I own a fourplex together 50/50 and I'm thinking that I'd like to cash out and go on my own now that I would have the capital to do so. I'll list what he has proposed as a calculation of the buyout amount. He has calculated this based on if we were to put it on the market right now and split everything 50/50. My question is if all of these expenses should be in the calculation - I don't know if the bank fees and Capital Gains are supposed to be factors in this or not...

Property Value: about $220k (to be appraised)
Current Mortgage amount remaining: $105,500

Would be Bank Fees: $4000 (early termination on fixed rate)
Legal: approx $1600
Real Estate fees: 4.5% from final sale (about $9900)

Projected gross profit of sale: $99,000

He is saying that Capital Gains must be taken off which a mutual acquaintance of ours who is an accountant has stated would be 26%. However I've found this accountant to have given quite inaccurate information more often than not. But say we go with that...

26% of taxable profit (50%): $12,870

Total Net Profit for each partner AKA my buyout amount: $43,065

Even at this amount I'm fairly happy with how we've done - coming out with 43k from a 16k investment 3 years ago. 
However my issue is with the Capital Gains being in there...Is that normal? I believe Capital Gains is also marginal, so it changes depending on the tax bracket you're in. Looking at the 2014 Capital Gains rates for Ontario Canada (http://www.taxtips.ca/taxrates/on.htm) for my income level, my CG's rate should be more like 16.49% - not 26%. 
Additionally, wouldn't this mean that when it actually comes time to do my taxes next year, I'll report this profit, and actually pay capital gains again - this time on 50% of my $43,065???

My apologies for the long winded explanation here but I'm hoping any major flaws in this can be pointed out.
I thank you for your time and expertise in advance!