Cable Corporation is 60% owned by Anna and 40% owned by Jim, who are unrelated. It has noncash assets, which it sells to an unrelated purchaser for $100,000 in cash and $900,000 in installment obligations due 50% in the current year and 50% in the following year. Cable will distribute its remaining cash, after payment of the federal income taxes on the sale and other corporate obligations, to Jim and Anna along with the installment obligations. Explain to the two shareholders the alternatives for reporting the gain realized on their receipt of the installment obligations. (Select all that apply.) A. Because the corporation acquired the installment obligation when it sold property, Jim and Anna can elect to use the installment method of accounting to report the gain from the redemption of their Cable stock if the liquidation is completed during the 12-month period. B. Because the corporation acquired the installment obligation when it sold property, Jim and Anna can elect to use the installment method of accounting to report the gain from the redemption of their Cable stock if the sale took place during the 12-month period beginning on the date a plan of complete liquidation was adopted. C. Because the corporation acquired the installment obligation when it sold property, Jim and Anna cannot elect to use the installment method of accounting to report the gain from the redemption of their Cable stock if (1) the sale took place during the 12-month period beginning on the date a plan of complete liquidation was adopted. D. Because the corporation acquired the installment obligation when it sold property, Jim and Anna can elect to use the installment method of accounting to report the gain from the redemption of their Cable stock if (1) the sale took place during the 12-month period beginning on the date a plan of complete liquidation was adopted or (2) the liquidation is completed during the 12-month period.