In $2010$ Jack purchased a vehicle for $$10,000$ cash which was comprised of $$5,000$ of cash he put down and $$5,000$ of debt he took out for the purchase. In $2023$ Jack transferred this vehicle into X corporation. At the time of the transfer the vehicle had a FMV of $$21,000$ and was still subject to the $$5,000$ of the debt. Jack also transferred another $$1,000$ of personal VISA debt into X corporation as part of the transaction. X corporation received the vehicle subject to the debt, the $$1,000$ of VISA debt and transferred $100$ shares of X corporation to Jack. X corporation also transferred $100$ shares to Jill in exchange for $$15,000$ cash. X corporation's total outstanding shares at the time equaled $200.$ Under section $357($b$)$ the VISA debt taints the $$5,000$ of purchase money debt as boot for the purposes of recognition.

True

False