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The young boy had just completed his Junior Certificate exams, his school Saint Eunan's College secondary school paid tribute to their late student as they said that "his loss will be felt deeply by his classmates, friends, teachers, and everyone who knew him".
The school released a statement to social media, they said: "It is with profound sadness and a heavy heart that our school community learns of the sudden and tragic passing of our student, Tadhg Callaghan-Carter. Tadhg had just completed his Junior Cert examinations and was preparing to enter Fifth Year this coming September."
"He was a deeply valued and popular member of our school community, and his loss will be felt deeply by his classmates, friends, teachers, and everyone who knew him. We extend our deepest, most heartfelt condolences to Tadhg's parents, brother, sisters, extended family and his wide circle of friends at this time of unimaginable grief. Our thoughts, prayers, and support are with them all. May his gentle soul rest in peace. Ar dheis Dé go raibh a anam dílis," they continued.
The accident happened shortly after 5pm on Saturday, during the motorevent at Trentagh, close to the village of Kilmacrennan. Tadhg was one of three schoolboys who were brought to hospital after a car veered towards the edge of the road and striking a number of people. His two friends were treated at the hospital for non-life-threatening injuries.
Gardaí have confirmed that they will continue to investigate and a post-mortem exam is to be arranged.
Gardaí are appealing for witnesses who were present at 'Location 15 on Special Stage 12 Gartan', particularly those with mobile phone or dash cam footage in the area, to contact Letterkenny Garda Station at 074 916 7100 or the Garda Confidential Line at 1800 666 111.
Cllr Pauric McGarvey, Chairperson of the Letterkenny Milford Municipal District said there is a great sense of "sadness and grief" in the area since the accident occured.
He continued to say that what happened on Saturday was "everybody's worst nightmare" and that there was "a great buzz about the town here and the county for the Donegal International Rally and it just puts life into perspective and how tragic things can happen."