In 2016, a severe weather storm destroyed your only asset you had in Class 8. In 2017, you replaced this asset by purchasing a new Class 8 asset. Compute the:

1. Amended 2016 capital gain [ITA 44 election] and ACB of Replacement Property; and

2. Amended 2016 recapture [ITA 13(4) election] and the January 1, 2018 UCC Balance [assume no other additions or dispositions made to class other than provided for in question].

Proceeds in 2016 from Insurance Company	$32,500
Destroyed Assets Original Cost	$30,000
UCC Balance - Jan 1, 2016	$20,000
Replacement Cost of New Asset	$31,000