On February 24, 2017, Allison’s building, with an adjusted basis of $1.3 million (and used in her trade or business), is destroyed by fire. On March 31, 2017, she receives an insurance reimbursement of $1.65 million for the loss. Allison invests $1.55 million in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer.

a. By what date must Allison make the new investment to qualify for the non-recognition election?

b. Assuming that the replacement property qualifies as similar or related in service or use, what are Allison’s realized gain, recognized gain, and basis in the replacement building?