Classic Cruisers (Pty) Ltd (Classic Cruisers), a second-hand vintage car dealership, is a South African resident company. 100% of Classic Cruisers shares are held by Mr. Rustic, a resident of South Africa. Classic Cruisers holds shares in Rare Rides (Pty) Ltd (Rare Rides) which is also a South African resident company. Classic Cruisers has a 31 March financial year-end (and year of assessment). Classic Cruisers declared the following dividends during the 2023 year of assessment: Transaction 1: On 31 April 2022, a cash dividend of R200 000 was declared. Transaction 2: On 30 September 2022, an in specie dividend, trading stock of Classic Cruisers was distributed. Classic Cruisers acquired this stock for R100 000 in the previous year of assessment. The market value of the trading stock on 30 September 2022 was R120 000. Transaction 3: On 1 November 2022, Classic Cruisers transferred its shareholding in Rare Rides to Mr. Rustic. Classic Cruisers originally purchased the shares in Rare Rides as an investment (to earn dividends) for R150 000 during its previous year of assessment. The market value of the shares on 1 November 2022 was R200 000. Mr. Rustic will also hold these shares in Rare Rides as an investment (to earn dividends). Transaction 4: Classic Cruisers was voluntarily liquidated on 31 January 2023 and distributed R1 200 000 to Mr. Rustic. R300 000 of the R1 200 000 represented a reduction in Classic Cruisers contributed tax capital. 5 HTAX331-1-Jul-Dec2023-SA1-AP-V4-20102023 REQUIRED: 2.1 With reference to transactions 1 4, calculate the net dividends paid by Classic Cruiser (Pty) Ltd for the 2023 year of assessment. Assume that all dividends declared were paid during the 2023 year of assessment. Ignore Normal tax and Capital gains tax consequences. (10 marks) 2.2 With reference to transaction 2, discuss the normal tax consequences for Classic Cruiser (Pty) Ltd. Support your answer with calculations. Ignore Dividends tax and Capital gains tax consequences. (10 marks) 2.3 With reference to transaction 3, discuss if the transfer of shares constitutes a dividend in specie. Support your answer with references to the Income Tax Act. (10 marks) MODULE NAME IS TAXATION FROM SOUTH AFRICA