Simphiwe, a 68-year-old South African resident formed a trust in 2020 for the sole benefit of his two children, Ayanda and Landile. Ayanda is a top-performing student at Wits University and is 27 years old. Landile is 12 years old and is still at school. The trust has the following assets: - Cash in a South African bank account, which was donated to the trust by Maude, the 89-year-old grandmother of Simphiwe's two children. - A townhouse in Gauteng, which was donated to the trust by Simphiwe, himself. The trust earned income and incurred expenses during the 2023 year of assessment as set out below: The trust was created based on the following conditions: - Two independent trustees manage the trust on behalf of the beneficiaries. The trustees must be remunerated at 6% of the net trust income, before any distributions to the beneficiaries. - Ayanda must be awarded an annuity of R6 000 funded by the rental income mil.. Subsequent distributions must be made based on the recalculated rat 6/11 taking the annuity into account. - Based on the trustees' discretion, payments for educational purposes may be made to the beneficiaries. 6 HTAX332-1-Jul-Dec2023-SA1-V4-ELK-20102023 - Receipts and accruals of the trust should be distributed on a pro-rata basis evenly throughout the year. - None of the beneficiaries have vested rights to the retained income. REQUIRED: 1.1. Prepare a breakdown of the distributions and retained earnings attributable to the various sources of income for the trust. Round to the nearest \%. (9 marks) 1.2. Calculate the total taxable income, separately, for Simphiwe, Ayanda, Landile, and Maude for the 2023 year of assessment. Support your answer with references to the Income Tax Act. (23 marks) 1.3. Briefly discuss if the trust will have taxable income or not for the 2023 year of assessment. No calculations are required