Joseph Thompson is president and sole shareholder of Jay Corporation. In December 2010, Joe asks your advice regarding a charitable contribution he plans to have the corporation make to the University of Maine, a qualified public charity. Joe is considering the following alternatives as charitable contributions in December 2010:(1)Cash donation$120,000(2)Unimproved land held for 6 years ($20,000 basis), FMV of$120,000(3)Maize Corp. stock held for 8 months ($20,000 basis), FMV of $120,000(4)Brown Corp. stock held for 2 years ($20,000 basis), FMV of$120,000Joe has asked you to help him decide which of these potential contributions will be most advantageous tax-wise. Jay’s taxable income is $3.5 million before considering the contribution. Rank the four alternatives and communicate your advice to Joe.