Which one of the following statements regarding tax deferral of a casualty gain is FALSE?

If gain has been deferred and no qualified replacement property was acquired within the required replacement period, a taxpayer must file Form 1040-X to report the taxable gain.

The replacement period begins on the date the property was damaged or destroyed.

In order to postpone the entire gain, the cost of the replacement property must be at least as much as the reimbursement received.

No additional action needs to be taken to postpone the gain from a casualty after completing Form 4684.

Mariah's vacation home was destroyed by fire on October 21, 2020. The fire was NOT attributable to a federally declared disaster. On January 10, 2021, Mariah's insurance company reimbursed her $5,000 more than her adjusted basis in the home. Mariah can defer reporting her casualty gain if she replaces the home by:

10-Jan-24

31-Dec-23

10-Jan-23

31-Dec-21