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