XYZ Inc., a calendar year C-corporation, purchases a 7-year class asset on June 5, 2021 for $1,950,000. XYZ Inc. does not elect Sec. 179 or bonus depreciation, and this is the only asset XYZ places in service in 2021. XYZ Inc. sells the asset on December 31, 2024 for $2,200,000. Determine the amount and character of the gain or loss from the disposition of the 7-year class asset.