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Joel's main home is destroyed in a tornado in a federally declared a disaster area. The insurance company compensates Joel for his loss in 2013, which produces a $350,000 realized gain. How long does Joel have to purchase a new principal residence and avoid being taxed on the gain?

a. December 31, 2013

b. December 31, 2014

c. December 31, 2015

d. December 31, 2016

e. December 31, 2017

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