Martin was a member of a retirement annuity fund. At the date of his death on 6 June 2023, the full retirement interest in the retirement annuity fund was R5 000 000. At the time of his death, Martin had made contributions in the amount of R600 000 after 1 March 2016 that were not allowed as a deduction in terms of section 11F of the Income Tax Act, or as a deduction against any retirement lump sums taken previously, or as an exemption in terms of section 10C. His son James, being his only dependant opts to take an amount of R500 000 as a lump sum and use the balance to purchase a living annuity. Which one of the following statements is correct?

	a.	No amount will be included in his estate as property or deemed property in this regard.
	b.	R500 000 will be included in his estate as deemed property in this regard.
	c.	R600 000 will be included in his estate as deemed property in this regard.
	d.	R5 000 000 will be included in his estate as deemed property in this regard.
	e.	None of the above