QUESTION $3(35$ Marks$)$ Charity te Water a $54-$year$-$old farmer recently won the best farmer award in the Free State Province. His farm business includes a range of livestock and maize. The following are the receipts, accruals and expenditure for his February $2024$ year of assessment.

INCOME Livestock sales $1150000$ Sales $$ maize $1975000$ Subsidy received from Government to assist with solar installation $75000$ Rentals for letting a portion of her farmland to nearby villager $150000$ Bonus from a Community Society Forum for maize supplied to it $35000$ Grazing fees $210000$ Produce sales $($wool and fruit$)150120$ Dividends received from South African companies $12500$ Fee for letting the tractor to the farm villagers $10500$ Interest received from fixed deposit investment $3500$

EXPENDITURE Development expenditure: New irrigation equipment $250000$ Dams and boreholes $22360$ Establishment of orchards $13600$ Purchase of irrigation pipes $$ maize farming $25000$ Purchase of new tractor on $1$ March $2023$ maize farming $185000$ Cost for solar installations and farm electrification $100000$ New fencing $23420$ Roadmaking $16350$ Soil$-$erosion works $13500$ Fertilizers $25250$ Food for livestock $29350$General farming expenses $($all allowable$)33950$ Interest payable $16460$ Livestock purchases $1040200$ Repair of damaged fencing $13250$ Eradication of noxious plants in the maize fields $45000$ Seeds purchase $22960$ Wages and Salaries $1110550$

STOCK R Closing stock $$ livestock $$ standard value $65000$ Closing stock $$ livestock $$ market value $650000$ Opening stock $$ livestock $$ standard value $55000$ Opening stock $$ livestock $$ market value $725000$ Notes: $1.$ Charity te Water slaughtered four cows for her domestic consumption and five cows as rations for her employees. She donated two cows to the farm local church. The standard vale of a cow is R$50,$ its cost prices is R$6500,$ and its market value is R$12500.$ Charity te Water inherited livestock from an uncle during March $2023.$ The market value of this livestock was R$720000.$ Its standard value is R$1650.2.$ During the current year his family consumed produce with an estimated cost of R$10500.3.$ Charity te Water is not a member of a medical scheme. Qualifying medical expenses paid by her in the $2024$ year of assessment amounted to R$15500.$ YOU ARE REQUIRED TO calculate the taxable income of the farmer for the year of assessment ended $29$ February $2024?$