es, and write a letter to Joe communical- ing your advice. The corporation's address is 1442 Main Street, Freeport, ME 0-1032 15. LO.1,6 In 2019, Gray Corporation, a calendar year C corporation, has a $75,000 Decision N charitable contribution carryover from a gift made in 2014. Gray is contem- Critical Thi plating a gift of land to a qualified charity in either 2019 or 2020. 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 $1,000,000 for 2019 and $1,200,000 for 2020. Should Gray make the gift of the land to charity in 2019 or in 2020? Provide support for your answer. 46. LO.1,6 Julieta Simms is the president and sole shareholder of Simms Corporation Decision (a cash method, calendar year C corporation), 1121 Madison Street, Seattle, Critical WA 98121. Julieta plans for the corporation to make a charitable contribution to the Commu University of Washington, a qualified public charity. She 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. Julieta projects a $310.000 net profit for Simms Corpo ration in 2019 and a $100,000 net profit in 2020. Julieta calls you on December 12, 2019, and asks whether she should make the contribution in 2019 or 2020. Write a es, and write a letter to Joe communical- ing your advice. The corporation's address is 1442 Main Street, Freeport, ME 0-1032 15. LO.1,6 In 2019, Gray Corporation, a calendar year C corporation, has a $75,000 Decision N charitable contribution carryover from a gift made in 2014. Gray is contem- Critical Thi plating a gift of land to a qualified charity in either 2019 or 2020. 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 $1,000,000 for 2019 and $1,200,000 for 2020. Should Gray make the gift of the land to charity in 2019 or in 2020? Provide support for your answer. 46. LO.1,6 Julieta Simms is the president and sole shareholder of Simms Corporation Decision (a cash method, calendar year C corporation), 1121 Madison Street, Seattle, Critical WA 98121. Julieta plans for the corporation to make a charitable contribution to the Commu University of Washington, a qualified public charity. She 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. Julieta projects a $310.000 net profit for Simms Corpo ration in 2019 and a $100,000 net profit in 2020. Julieta calls you on December 12, 2019, and asks whether she should make the contribution in 2019 or 2020. Write a