An office building owned by Giles was destroyed by Hurricane Belle on October 20, Year 2. Giles received settlement of his insurance claim for the destruction of his building on January 5, Year 3. In order to qualify for nonrecognition of gain on this involuntary conversion, what is the last date for Giles to acquire qualified replacement property?

Multiple Choice

• January 5, Year 5

• December 31, Year 5

• October 20, Year 4

• December 31, Year 4

(GUESS Dec 31, Y 5)