A owns shares of PX Inc, a Canadian public corporation. The shares pave a paid up capital of $$30$ and are currently valued at $$30,000.$ A acquired the shares several years earlier for $$9,000.$ Recently, TTS Inc, a Canadian public corporation acquired all of PXs outstanding shares in exchange for shares of TTS$.$ A received shares of TTS valued at $$30,000.$ To avoid a taxable capital gain, A must file a section $85$ election with TTS$.$ Is this statement true or false?