Question 2 15 Marks Answer the following short questions: 1.1 Lumpsum benefits received by a taxpayer due to termination of employment constitute gross income. Discuss when and how such a lumpsum will be exempt from taxable income of the taxpayer. 5 marks 1.2 Discuss whether special uniforms received by a taxpayer are exempt from taxable income? 3 marks 1.3 Discuss two conditions which should exist for a study policy to be exempted from taxable income in terms of the income tax Act. 2 Marks 1.4 Lazarus Nelson received a lump sum payment of N$75 000 from a Namibian benefit fund on 25 November 2021. Since he did not want to squander the entire amount received, he used one third of the lump sum payment to acquire an annuity on retirement and transferred a quarter of the remaining balance to another benefit fund in December 2021. Show the effect of the above transaction on the taxable income of Lazarus Nelson for his 2022 year of assessment. 5 marks 2