Jared,a Fiscal Year Taxpayer with a August 31st Year-End,owns an Office

Multiple Choice

Jared,a fiscal year taxpayer with a August 31st year-end,owns an office building (adjusted basis of $800,000) that was destroyed by fire on December 24,2016.If the insurance settlement was $950,000 (received March 1,2017) ,what is the latest date that Jared can replace the office building in order to qualify for § 1033 nonrecognition of gain?

A) December 31,2016.
B) August 31,2017.
C) December 31,2018.
D) August 31,2019.
E) None of the above.