Joseph Thompson is president and sole shareholder of Jay Corporation. In December 2019, Joe asks your advice regarding a charitable contribution he plans to have the corporation make to the University of Maine, a qualified public charity. Joe is considering the following alternatives as charitable contributions in December 2019: 

Joe has asked you to help him decide which of these potential contributions will be most advantageous taxwise. Jay Corporation’s taxable income is $3.5 million before considering the contribution. Rank the four alternatives and write a letter to Mr. Thompson communicating your advice. The corporation’s address is 1442 Main Street, Freeport, ME 04032.

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Fair Market Value (1) Cash donation $200,000 (2) Unimproved land held for six years ($110,000 basis) 200,000 (3) Maize Corporation stock held for eight months ($140,000 basis) (4) Brown Corporation stock held for nine years ($360,000 basis) 200,000 200,000