Question 3 [20] Mr Bud Spencer is a non-resident of South Africa. He is 59 years old. He entered into an agreement during March 2019 to purchase an apartment in Cape Town, South Africa. The purchase price was R6,5 million and a 10% deposit was paid. Transfer was to take place during 2020. Owing to an increase in interest rates, Mr Spencer decided in 2020 to sell the property. The property was sold in May 2020 for R7.8 million Transfer took place in November 2020. Mr Spencer did not use the property as a primary residence. In terms of the South African Deeds Registry Act, a transfer of the property must be made into the name of each successive purchaser. Therefore, prior to Mr Spencer being able to give transfer to the new purchaser, Mr Happy Nkuna, a resident of South Africa, he had to first take transfer of the property into his own name His original intention was to hold the property as a capital asset and only because interest rates rose substantially (a factor beyond Mr Spencer's control the need to sell the property arose Required: Show all calculations where applicable. 3.1. Calculate the taxable income earned by Mr Spencer in South Africa. (7) 3.2 Calculate Mr Spencer's tax payable for the 2021 year of assessment (10) 3.3 Who is responsible to pay over the tax to SARS and by when? (3)