In $2020,$ Jack transfers a business property into X corporation in exchange for X corporation stock. The property is a building and land. Both of which are $1231$ assets. The land has a FMV of $$25,000$ and a cost basis of $$10,000.$ The building has a FMV of $$100,000$ and an adjusted basis of $$30,000.$ The building was originally purchased in $1992$ for $$50,000$ and $$20,000$ of depreciation has been claimed on the building. Assume the transaction qualifies for section $351$ non$-$recognition and the land and the building are used in X corporation's trade or business. If X corporation later sells the land and the building for $$30,000$ and $$120,000$ respectively the character of the gain attributable to the building will be section $1250$ gain and therefore all ordinary.

True or

False