Hills Companys reported land at a cost of $960,000 in 2019. In 2020, the land has a fair market value of $1,600,000. The company decided to sell the land in order to implement its expansion plan. National Company offered to buy the land in 2020 from Hills at a price of $1,570,000. Hills is not sure whether it is beneficial to sell the land in the year 2020 or sell it in the following year. The companys marginal tax rate in the year 2020 is 30% and 35% in the year 2021. You were invited as a tax consultant to provide your opinion on the best timing for the company to sell the land. Explain your answer by providing calculations and reasons for your opinion.