# 4) (9 Marks) In 2016, a severe weather storm destroyed the only asset you had in your Class. In 2017, you replaced this asset by purchasing a new asset that was similar to the asset destroyed. REQUIRED: i) Amended the 2016 capital gain [ITA 44 election] and calculate the ACB of the Replacement Property (show all calculations) ii) Amended the 2016 recapture [ITA 13(4) election] and calculate the January 1, 2018 UCC Balance [assume no other additions or dispositions made to class other than provided for in question]. Show all calculations. Class 8 Proceeds in 2016 from Insurance Company $49,400 Destroyed Assets Original Cost $33,000 UCC Balance - Jan 1, 2016 $23,800 Replacement Cost of New Asset $40,800