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Joel's principal residence is destroyed in a fire in a federally declared disaster area. The insurance compensates Joel for his loss in 2012, which produces

Joel's principal residence is destroyed in a fire in a federally declared disaster area. The insurance compensates Joel for his loss in 2012, which produces a $350,000 realized gain. How long does joel have to purchse a new principal residence and avoid being taxed on the gain?

A) December 31, 2015

B) December 31, 2012

C)December 31, 2016

D)December 31, 2013

E)December 31, 2014

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