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What is the latest date that Jared can replace the office

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Question - Jared, a fiscal year taxpayer with a August 31 year-end, owns an office building (adjusted basis of $800,000) that was destroyed by fire on December 24, 2020. If the insurance settlement was $950,000 (received March 1, 2021), what is the latest date that Jared can replace the office building to qualify for § 1033 nonrecognition of gain?

a. August 31, 2021.

b. December 31, 2020.

c. August 31, 2023.

d. December 31, 2022.

Reference no: EM132770116

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