Able Corporation adopts a plan of liquidation. Under the plan, Robert, who owns 60% of the Able stock, is to receive 2,000 acres of land in an area where a number of producing oil wells have been drilled. No wells have been drilled on Able’s land. Discussions with two appraisers have produced widely differing market values for the land, both of which are above Able’s basis for the land and Robert’s basis for the Able stock. Explain the alternatives available to Able and Robert for reporting the liquidating distribution.