Research Problem $3.$ Randall owns an office building $($adjusted basis of $\backslash (\backslash$$ $250,000\backslash ))$ that he has been renting to a group of physicians. During negotiations over a new seven$-$year lease, the physicians offer to purchase the building for $\backslash (\backslash$$ $900,000\backslash ).$ Randall accepts the offer with the stipulation that the sale be structured as a delayed $1031$ transaction. Consequently, the sales proceeds are paid to a qualified third$-$party intermediary on the closing date of September $30,2023.$

On October $2,2023,$ Randall properly identifies an office building that he would like to acquire. Unfortunately, on November $10,2023,$ the property Randall selected is withdrawn from the market. Working with the intermediary, on November $12,2023,$ Randall identifies another office building that meets his requirements. The purchase of this property closes on December $15,2023,$ and the title is transferred to Randall.

Randall treats the transaction as a like$-$kind exchange. Even though the original office building identified was not acquired, Randall concludes that in substance, he has satisfied the $45-$day rule. He identified the acquired office building as soon as the negotiations ceased on his first choice. Should the IRS accept Randall's attempt to comply? Explain.