Tiffany needs to move his business to a larger facility. Her projects a large realized gain on the sale of the old building and prefers not to pay tax on the gain because the sales proceeds are needed to finance the purchase of the new building. In the circumstances, a direct two- or three-party like-kind exchange is not feasible. Tiffany's sale can still qualify for like-kind treatment if her arranges an appropriate non-simultaneous exchange. Among other criteria, after the transfer of the old building, the replacement property must be:

A) identified within 45 days and received within 180 days.

B) identified within 45 days and received by year-end.

C) identified within 60 days and received within 180 days.

D) identified within 90 days and received by year-end.

Please give explanation to better understand the process to this question