Jeff,a Calendar Year Taxpayer,owns a Dry Cleaning Business (Adjusted Basis

Multiple Choice

Jeff,a calendar year taxpayer,owns a dry cleaning business (adjusted basis of $220,000) .The business is destroyed by a hurricane on October 28,2010.Jeff receives insurance proceeds of $250,000 on January 4,2011.What is the latest date Jeff can reinvest the proceeds in qualified property to avoid recognition of any realized gain?

A) October 31,2012.
B) December 31,2012.
C) January 31,2013.
D) December 31,2013.
E) None of the above.