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QUESTION 1 (36 marks) Billy Khumalo is a 66-year-old South African resident who received the following income for the period 1 March 2022 to 28 February 2023: - A monthly annuity of R22 500 from Golden Investment Insurers. The capital portion that is calculated in terms of section 10A amounts to R5 100 per monthly annuity. - Dividends of R11 000 for shares held in an American company. - Dividends of R28 000 for shares held in a South African company. - Interest income of R63 000 earned on a fixed deposit account held at a South African bank. The fixed deposit account does not qualify as a tax-free investment. - R9 000 which Billy Khumalo won at the Sun City casino. He visited the Sun City resort for a week while on holiday and decided one evening to gamble for the fun of it. REQUIRED: 1.1) Calculate Billy Khumalo's income for the 2023 year of assessment. Include the applicable section of the Income Tax Act as part of your answer and show all calculations. If an amount is excluded, state this fact and provide a brief reason for your answer. ( 25 marks) 1.2) Assume that Billy Khumalo had a taxable income of R242 189 for the 2023 year of assessment. Determine each of the following for Billy Khumalo, using the tax tables and information in Addendum A

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