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( T or F ) John purchased land in May 2019; leased it to an unrelated party and then sold the land, subject to the

( T or F ) John purchased land in May 2019; leased it to an unrelated party and then sold the land, subject to the lease, in April 2020. Assume no other activities and the applicability of highest income tax rates. John, an individual taxpayer will be taxed at 20% (the capital gains rate) on the sale, and 29.6% (the ordinary income tax rate) on rental activity on the following.

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