1. Jonathan purchased land many years ago for $100,000, which is rented to tenant farmers who pay Jonathan an annual rent of $5,000. Today, the land is worth $400,000. Jonathan has just learned that he is terminally ill and does not have much longer to live. Do you advise Jonathan to:

a. sell the land now to a buyer for $400,000 and provide a bequest in his will for the cash proceeds to be transferred to his good friend Jill;

b. give the land to Jill now and let her sell it; or

c. provide a bequest in his will for the land to go to Jill after his death?

2. Same as 1., except that the land, which Jonathan purchased for $100,000, is now worth only $75,000. Should Jonathan:

a. sell the land now to a buyer for $75,000 and provide a bequest in his will for the cash proceeds to be transferred to his good friend Jill;

b. give the land to Jill now and let her sell it; or

c. provide a bequest in his will for the land to go to Jill after his death?