Brian Brown, an executive at a manufacturing enterprise, comes to you on December 1 of the current year for tax advice. He has agreed to donate a small tract of land to the Rosepark Community College. The value of the land has been appraised at $58,000. Mr. Brown purchased the land 14 months ago for $50,000. Mr. Brown’s estimated AGI for the current year is $100,000. He plans to retire next year and anticipates that his AGI will fall to $35,000 for all subsequent years. He does not anticipate making any additional large charitable contributions. He understands that there are special rules dealing with charitable contributions and wants your advice in order to get the maximum overall tax benefit from his contribution. Because the college plans to use the property, selling the land is not an alternative. You are to prepare a letter to Mr. Brown explaining the tax consequences of the different alternatives. His address is 100 East Rosebrook, Mesa, Arizona 85203. For purposes of your analysis, assume that Mr. Brown is married and files a joint return. Also assume that Mr. Brown feels that an appropriate discount rate is 10%. In your analysis, use the tax rate schedules for the current year.