On October 23, 2019 Bills warehouse, located along the Dallas North Tollway, was damaged by a tornado. Bills tax basis in this warehouse at the time of the tornado was $800,000. Bill received insurance proceeds of $1,700,000. Complete the following:

If Bill wants to just keep the money, what will he report in 2019?

If Bill wants to replace the warehouse, and he expects that it will cost $1,900,000 to do so:

Does Bill need to report any gain in 2019? If not, why not?

By when does Bill need to replace the warehouse by if he does not want to report gain?