In June 1987 Brian contracted to purchase some land in northeast Queensland, where he intended to build a residence. He later found out that the land was a marsh and would be prohibitively expensive to drain and build on, but he continued to hold the land intending to one day drain and build once he had more money. He abandoned that plan in December 2015. He had purchased the land for $300,000 and was lucky enough to find a Cambodian rice conglomerate to contract to purchase the property from him in May 2021 for $3,750,000. Brian had to pay his land broker $30,000 in conveyancing and legal fees associated with the sale. While owner of the land he had to pay $40,000 in rates which he had not claimed deductions for. What was Brian's net capital gain for the 2020-21 income year? $1,690,000 O $3,380,000 $3,420,000 $1,710,000