On $1$ June $2023,$ Mark Galloway, a South African resident, passed away at the age of$60,$ resulting in the formation of the Galloway Trust in South Africa. Tim and Zoey arethe children of Mark and Danni $($Marks wife$)$ and are also the two beneficiaries of thetrust.On $29$ February $2024,$ the family members ages were as follows: Danni is a $55-$year$-$old South African resident. Tim is a $16-$year$-$old South African resident. Zoey is a $28-$year$-$old non$-$resident.On $29$ February $2024,$ the trust had the following assets: Cash in a foreign bank account, which was bequeathed to the trust uponMarks death on $1$ June $2023.$ Cash in a South African bank account, which was bequeathed to the trustupon Marks death on $1$ June $2023.$ An investment portfolio consisting of shares in local listed companies earningdividends, which was bequeathed to the trust upon Marks death on $1$ June$2023.$ The trust also owns a foreign property. The foreign property was previouslyowned by Danni Galloway and sold to the trust on $1$ March $2023$ at marketvalue. The trust paid the purchase price in full.The following information for the $2024$ year of assessment relates to the trust:Income $/$ Expenses RTaxable rental income: Foreign Property $550000$Foreign interest earned $100000$Local interest earned $150000$Local dividends received $70000$Net income $870000$Less: Trustees remuneration paid from the R$870000$ net income $(43500)$Distribution to Tim $(180000)$Distribution to Zoey $(200000)$Retained $($current year$)446500$ANNEXURE F: FORMATIVE ASSESSMENT $162$ HTAX$332-1-$Jul$-$Dec$2024-$FA$1-$V$4-$AP$-16072024$Additional information: Zoey spent less than $183$ days in South Africa during the $2024$ year ofassessment. Three independent trustees manage the trust on behalf of the beneficiaries. The trust deed specifies that any distribution out of all the receipts andaccruals should be distributed on a pro$-$rata basis evenly throughout the year. The retained income in the trust is subject to the condition that no beneficiaryhas a vested right to the retained income before attaining the age of $30.$ If a beneficiary should die before attaining the age of $30,$ the remainingbeneficiary will be entitled to the full amount retained in the trust.REQUIRED:$1\mathrm{.}1$ Prepare a breakdown of the distributions and retained earnings attributable to thevarious sources of income for the trust for the $2024$ year of assessment. Round off the ratio of various income sources to the nearest percentage.$(5$ marks$)1\mathrm{.}2$ For the $2024$ year of assessment, calculate the taxable income, separately forTim, Zoey and the Galloway trust.Where applicable, support your answers with references to the Income Tax Actand provide a brief explanation on whether the person$/$trust is liable for tax on therental income, interest and local dividends.$(30$ marks$)$