In 2019 a storage facility was destroyed in a fire.The UCC of the building was $47,000 and the original cost was $50,000.Insurance proceeds of $55,000 were received for the market value in 2019.Pursuant to S.13(4), the taxpayer elected to defer the recapture.A new building was built in 2020 at a cost of $60,000.How much is the amended recapture in 2020?
A)$0
B)$3,000
C)$8,000
D)$13,000

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The Answer of In 2019 a storage facility was destroyed in a fire.The UCC of the building was $47,000 and the original cost was $50,000.Insurance proceeds of $55,000 were received for the market value in 2019.Pursuant to S.13(4), the taxpayer elected to defer the recapture.A new building was built in 2020 at a cost of $60,000.How much is the amended recapture in 2020?
A)$0
B)$3,000
C)$8,000
D)$13,000

In 2019 a Storage Facility Was Destroyed in a Fire