Capital Gains Tax on this? Income Tax? Florida Deal

[Mark A.]

Hey Guys
Quick version of this deal.
We bought an REO in Orlando. It closes this coming Thursday.
I'll use these numbers as they are pretty close.
We paid $180K
We have other stuff going on and we found a cash buyer for this one who is paying us $220K so we are not going to rehab it or anything else, we are simply selling it to someone who is going to live in it as-is.

We will close ourselves with cash. Our buyer will then buy it from us with cash (so yes, we will have actually owned the property for an hour or so)

So, if our profit was $40K, are we liable for capital gains tax, regular erned income tax or what?

I know it's a CPA type question but just wondered what anyone might have to say on this.

Thank You