QUESTION ONE

Mark Phillips

$[20]$

On $26$ February $2016$ Mark Phillips, a dealer in property, agreed to sell a country estate $($a property$)$ to his "out of wedlock" child, Felicity Tonkin, for its market value of R$1000000.($Mark Phillips held this property as part of his trading stock.$)$ the purchase and sale agreement provided for

An initial amount of R$40000$ to be paid immediately, and

$12$ annual instalments of R$80000$ each. I

Felicity's mother paid the R$40000$ on Felicity's behalf $11$ days after it was due, this being on $07$ March $2016.$

$(5)$