James is a wealthy individual who owns the following properties: Beach home, $1,000,000 FMV, basis $1,200,000 Mountain chalet $6,000,000 FMV, basis $4,000,000 Island home $3,000,000 FMV, basis $2,800,000 Yacht $5,000,000 FMV, $5,500,000 basis He plans to sell three of the properties during his lifetime and to transfer one of the properties to his son at the time of his death. Considering only the tax benefits, which is the most appropriate to transfer at the time of death