Problem 3-46 (LO. 1, 6) Julieta Simms is the president and sole shareholder of Simms Corporation (a cash method, calendar year C corporation). Julieta plans for the corporation to make a charitable contribution to the 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 Corporation in 2021 and a $100,000 net profit in 2022. Julieta calls you on December 10, 2021, and asks whether she should make the contribution in 2021 or 2022. Complete the letter advising Julieta about the timing of the contribution. For the present value computations, assume a 5% discount rate and the following present value factors: for 2022, 0.9524; for 2023, 0.9070; for 2024, 0.8638. If required, round your computations to the nearest dollar. SWFT, LLP 5191 Natorp Boulevard Mason, OH 45040 December 17, 2021 Ms. Julieta Simms, President Simms Corporation 1121 Madison Street Seattle, WA 98121 Dear Ms. Simms: On December 10, you asked me to advise you on the timing of a contribution by Simms Corporation to the University of Washington. My calculations show that the corporation will maximize its tax savings by making the contribution in 2021