Dan Simms is the president and sole shareholder of Simms Corporation, 1121 Madison Street, Seattle, WA 98121. Dan plans for the corporation to make a charitable contribution to the University of Washington, a qualified public charity. He will have the corporation donate Jaybird Corporation stock, held for five years, with a basis of $11,000 and a fair market value of $25,000. Dan projects a $310,000 net profit for Simms Corporation in 2014 and a $100,000 net profit in 2015. Dan calls you on December 12, 2014, and asks whether Simms should make the contribution in 2014 or 2015. Write a letter advising Dan about the timing of the contribution.