On February $24,2023,$ Allison$$s building, with an adjusted basis of $$1,300,000($and used in her trade or business$),$ is destroyed by fire. On March $31,2023,$ she receives an insurance reimbursement of $$1,650,000$ for the loss. Allison invests $$1,550,000$ in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer.

$1.$ By what date must Allison make the new investment to qualify for the nonrecognition election?

$2.$ 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?