Company X owns a significant real estate portfolio and issues financial statements to its bank. X is considering exchanging certain real estate for other real estate that will qualify for like$-$kind exchange treatment for tax purposes. X also wants to know how the exchange will impact its financial statements. Which of the following exchanges of real estate might qualify as a nonmonetary exchange with no gain or loss recognized for GAAP:

a$.$ simultaneous exchange

b$.$ delayed exchange

c$.$ reverse exchange

d$.$ none; real estate exchanges no longer qualify as nonmonetary exchanges under GAAP