Joseph Thompson is president and sole shareholder of Jay Corporation. In December 2016, 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 2016:

___________________________________________________ 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) .. 200,000

(4) Brown Corporation stock held for nine years ($360,000 basis) .... 200,000

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