Taxpayer is a pastor. His church shut down. The church has $142,000. They would like to give it to him for his retirement and for giving 20+ years to the church. 

Should he get severance pay on a W2?

$142,000 as a gift? 

Or they also are willing to give it to another church and the new church would pay him the $142,000 over 5 years as a $28,400 salary. 

What is the best way to do this? Thank you for your help