Question 4 25 MARKS - 45 minutes Mr James is a sales manager at Shoe City Corporation. The following information is the income and expenditure for the year ended 2020: Income: NS Salary 100,000 Director's fee 4,000 Profit from business 20,000 Farming profit 15,000 Profit on sale of house 100,000 Profit on sale of shares held as investment 10,000 Legacy received 20,000 Gift from mother 10,000 Prize from employer for making most sales 2,000 Uniform allowance 4, 000 Expenses: Pension contribution 15, 000 RAF contribution 20, 000 Education policy premiums 2, 000 Donation to university 2, 000 Medical aid premiums 4, 000 Medical aid expenses 2, 000 Insurance premiums 1, 000 Required: Calculate the taxable income for Mr. James for the year ended 2020