Question $1(25$ Marks$)$ INFORMATION: As per the last testament of the Late Mr Liam Jackson, a testamentary trust was established and on the date of his death, all assets were transferred to this trust. His will stipulates that the income derived from the assets should be divided as follows: $45\%$ of the gross rentals to my daughter Ava $$ The remainder to my son, James $$ The trustee shall apply $331/3\%$ of the gross interest on the investment towards the maintenance and welfare of James and Ava in such proportions as they deem fit $$ Subject to the above, all other income shall be set aside and accumulated for the benefit of my grandchildren. The following information was provided for the $2022$ year of assessment: INCOME $$ Rent $725000$ Interest on investment $350000$ BEQUEST OF RENT $$ Ava $45\%$ of rental $$ James remainder of rental TRUSTEE REMUNERATION $$ On rent $32500$ On interest $22500$ DISCRETIONARY PAYMENTS $$ Ava $70000$ James $90000$ Neither Ava nor James have received any other income. Both are South African residents and under the age of $65.$ REQUIRED: Calculate the taxable income of all the relevant parties for the $2022$ year of assessment. Question $2(5$ Marks$)$ INFORMATION Ben, a farmer, had farming income amounting to R$150000$ for the $2022$ year of assessment, before taking any livestock on hand into account. The value of the livestock on hand was as follows: STANDARD VALUE MARKET VALUE $1$ March $2021$ R$37500$ R $8500028$ February $2022$ R$49500$ R$135000$ In $2022,$ livestock purchases amounted to R$170000$ REQUIRED: Calculate the value of the livestock purchase that will be allowed as a deduction.