FOUR [30] Octavius Libellus Octavius Libellus, a resident of the Republic, made the following profits and suffered the following losses on the sale of certain of his assets during the 2021 year of assessment: Profits A profit of R110 000 on the sale of a rent-producing property that he held as an investment. A profit of R50 000 on the sale of a motor car that he inherited from a late uncle. Since his own motor car was only one-year old at the time when he inherited his late uncle's car, he sold it. Its market value was R45 000 on the day he inherited it. He then immediately sold it for R50 000. (The gain was R50 000 since it had not cost him anything.) A profit of R7 000 on the sale of an antique. He collects antiques. He does not deal in antiques. He sold this particular antique because he had recently purchased a similar, but even older, and more valuable, antique. A profit of R1 900 on the sale of a krugerrand (a gold coin). He had purchased it solely as a hedge against inflation. A profit of R2 104 700 on the sale of his primary residence. It was sold for R2 900 000. A profit of R17 000 on the sale of his 12-metre yacht. He sold this yacht because he had recently purchased a new, and faster, yacht. He sails his yacht at weekends and on public holidays as a form of relaxation. A profit of R19 000 on the sale of an original painting. He deals in original paintings. Losses A loss of R8 000 on the sale of a diamond ring. His fianc had broken their engagement to be married. His ex-fianc did not want to keep the engagement ring that he had given her. During their engagement she had worn this ring on the 'ring' finger of her left hand. She gave it back to him. He then sold it for R8 000 less than he had paid for it. A loss of R1 000 on the sale of his cell phone. He had used this cell phone for both business purposes (to the extent of 60%) and private purposes (to the extent of 40%). His employer granted him an allowance to cover the cost of its business use. Octavius Libellus has an assessed capital loss of R6 700 to bring forward from the 2020 year of assessment. You are required to determine the taxable capital gain to be included in Octavius Libellus's taxable income for the 2021 year of assessment. Provide brief reasons to support your determinations