Jared, a Fiscal Year Taxpayer with a August 31 Year-End

Multiple Choice

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, 2019.If the insurance settlement was $950,000 (received March 1, 2020) , what is the latest date that Jared can replace the office building in order to qualify for § 1033 nonrecognition of gain?

A) December 31, 2019.
B) August 31, 2020.
C) December 31, 2021.
D) August 31, 2022.