Michael Jordary was formerly the head of the sports division at Mikey Clothing $($Pty$)$ Ltd$.$

On $31$ December $2022,$ Michael was on his way home from a New Year$$s Eve Event, when

a drunken driver crashed into him and caused him to lose his life. He is survived by his wife,

Leashka $(59),$ his daughter, Eve $(38)$ and his cousin, Damon $(56).$

The following assets and liabilities formed part of Michael$$s estate on the date of his death.

The values shown represent the market values of these assets and liabilities on the date of

death.

Description Market value in

Rands

Primary residence. The house was originally purchased on $16$

November $2007$ for R$1400000$ and sold by the executor for R$4$

$400000.$

$4400000$

A farm on which bona fide farming activities take place in Eshowe,

KZN$,$ that had cost R$1000000.$

$5000000$

Holiday home in Cape Town

This flat was bequeathed to Damon. In $2019,$ with the written consent

of Michael, Damon effected improvements to this property at a cost of

R$150000.$ This increased the value of the property by R$500000.$

$3500000$

Flat in Pretoria $$ bequeathed to Leashka $2500000$

Shares in JSE listed companies that had cost R$200000.600000$

Unlisted shares $$ sold for R$10000085000$

Life insurance policy $$ taken out by Michael

Over his lifetime, he paid premiums plus interest of R$350000.$

$1650000$

Paintings $$ In August $2020,$ Michael signed a contract with the state

where he agreed that these paintings would be lent to government

museum for a period of $40$ years.

$950000$

Furniture and appliances $68700$

Cash $450000$

$5$

Michael held the bare dominium over vacant land in Cape Town.

Damon holds the usufruct with a remaining period of use of $15$ years.

Upon his death, the bare dominium passed to Eve $($who is not the bare

dominium holder$).$ The market value of the land on the date of death

was R$2458000.$

$???$

Michael owned a fiduciary right over a Bed and Breakfast business

situated in Hayfields, South Africa, that was valued at R$850000$ at the

date of his death. The property will be transferred to his cousin

Damon. Damon is the fideicommissary as stated in the testamentary

will of Michael$$s father.

$???$

Master$$s fees and executor$$s remuneration $126000$

Required:

$2\mathrm{.}1$ Calculate the Estate Duty Payable by Michael Jordaray$$s Deceased

Estate?

$30$