1. Lindy was an 80% shareholder in shareholder in IJK (Pty) Ltd. IJK made a loan from a bank, and Lindy signed surety for the loan. IJK (Pty) Ltd took out contingent liability insurance of R5 000 000 on the life of Lindy. Lindy dies on 7 June 2023 and the policy proceeds are paid to IJK (Pty) Ltd. The policy has the effect that the valuation of the shares in IJK (Pty) Ltd is increased with R5 000 000. The premiums paid by IJK (Pty) Ltd plus 6% interest thereon from date of payment till date of Lindys death amounts to R200 000. What is the value of the section 4(p) deduction that Lindys estate will be entitled to? a. R0. b. R3 840 000. c. R4 800 000. d. R5 000 000. e. None of the above