In 2016, Gray Corporation, a calendar year C corporation, holds a $75,000 charitable contribution carryover from a gift made in 2011. Gray is contemplating a gift of land to a qualified charity in either 2016 or 2017. Gray purchased the land as an investment five years ago for $100,000 (current fair market value is $250,000). Before considering any charitable deduction, Gray projects taxable income of $1 million for 2016 and $1.2 million for 2017. Should Gray make the gift of the land to charity in 2016 or in 2017? Provide support for your answer.