You are a Tax Consultant at Tax Savvy (Pty) Ltd (Tax Savvy). A client, Mr. Eliot, approached Tax Savvy for advice, and you have been appointed to assist him. In 2007, Mrs. Diana, the mother of Mr. Eliot, donated an empty plot of land to him which was valued at R850 000 at the time. This plot of land was originally purchased by Mrs. Diana in 2003 for R600 000. Despite having no use for the land, Mr. Eliot decided to sell the plot of land for R700 000 to a property developer, in February 2023. The sales agreement between Mr. Eliot and the property developer included future compensation for Mr. Eliot, where he will receive an additional 15% of the sales price generated by the developer after the property developer constructs commercial office buildings on the land and sells them to third parties. However, as of the end of February 2023, the property developer had not started the construction of the commercial office buildings yet. REQUIRED: Discuss the capital gain or loss consequences for Mr. Eliot that arise from the sale of the plot of land. Support your answer with references to the Eighth Schedule of the Income Tax Act and calculations. Your discussion needs to refer specifically to the proceeds, base cost and capital gain/loss elements of the Eight Schedule of the Income Tax Act. Ignore any VAT implications