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Required information [The following information applies to the questions displayed below] Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington. DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was $600,000, and she has claimed $250.000 of depreciation deductions against the asset over the years. The original basis in the land was $500,000. Tonya has located a buyer that would like to finalize the transaction in December of the current year. Tonya's marginal ordinary income tax rate is 35 percent, and her capital gains tax rate is 20 percent. c. As Tonya's tax adviser, you suggest that Tonya sell the townhouse in year 7 in order to reduce her taxes: Required: c1. What is the character of the gain or loss if Tonya sells the townhouse in year 7 ? c2. What is the tax liability (benefit) from the gain or loss Tonya recognizes on the sale in year 7 ? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What is the tax liability (benefit) from the gain or loss Tonya recognizes on the sale in year 7