In 2019 a storage facility was destroyed in a fire. The UCC of the building was $47,000
Fantastic news! We've Found the answer you've been seeking!
Question:
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?
Multiple Choice
$0
$13,000
$3,000
$8,000
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
Posted Date: