Required information Problem 3-52 (LO 3-5) [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. Problem 3-52 Part-b b. In addition to the original facts, assume that Tonya reports the following nonrecaptured net 51231 loss: Net 51231 Yea Gains/(Losses) Year 1 $200,000) Year 2 Year 3 Year 4 Year 5 Year 6 (current year) Required: b1. What amount of gain or loss does Tonya recognize on the sale? b2. What is the character of the gain or loss? b3. What effect does the gain or loss have on her year 6 (the current year tax liability or tax savings Complete this question by entering your answers in the tabs below. Part 3 of 3 Required information Problem 3-52 (LO 3-5) 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 man 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 S1000,000. 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 Problem 3-52 Part-c c. As Tonya's tax adviser, you suggest that Tonya sell the townhouse in year 7 in order to reduce her taxes. Required: ct. What is the character of the gain or loss if Tonya sells the townhouse in year 7? -2. What would Tonya's tax liability or tax savings) be if she sells the townhouse in year 7? Complete this question by entering your answers in the tabs below. React Rega What is the character of the gain or loss ir Tonya sells the townhouse in year 77 $250.000 Unrecaptured 51250 and $900,000 other $1231 gain 5900,000 Unrecaptured $1250 and $250.000 other $1231 gain $1.150.000 Unrecaptured 51250 Req c2 Required information Problem 3-52 (LO 3-5) [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. Problem 3-52 Part-b b. In addition to the original facts, assume that Tonya reports the following nonrecaptured net 61231 loss: Net $1231 Year Gains/ (Losses) Year 1 $1200,000) Year 2 Year 3 Year 4 Year 5 Year 6 (current year) Required: b1. What amount of gain or loss does Tonya recognize on the sale? b2. What is the character of the gain or loss? b3. What effect does the gain or loss have on her year 6 (the current year) tax liability or (tax savings this question by entering your answers in the tabs below. Required information Problem 3-52 (LO 3-5) 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, 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. Problem 3-52 Part-c 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 would Tonya's tax liability or (tax savings) be if she sells the townhouse in year 7? Complete this question by entering your answers in the tabs below. Req ci Reg 2 What is the character of the gain or loss if Tonya sells the townhouse in year 7? $250,000 Unrecaptured $1250 and $900,000 other $1231 gain $900,000 Unrecaptured $1250 and $250,000 other $1231 gain O$1,150,000 Unrecaptured $1250 Rege?>