Johan dies on 3 June 2023. He bequeathed his rental property to the Johan Trust, an inter vivos discretionary family trust, with a life-long usufruct in favor of his wife, Marlene. At the time of his death Johan was 66 years old, and Marlene 60 years of age. The value of the rental property at date of Johan’s death was R3 000 000. He acquired the property in 2008 for an amount of R1 500 000. 

What is the capital gain (before deduction of the annual exclusion) in respect of the deemed disposal of the rental property on Johan’s death?

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