Jack passed away with a taxable estate totaling $$100,000,000.$ Fifty percent of Jack's taxable estate was comprised of X corporation stock $(100$ shares$)$ with a date of death value of $$50,000,000.$ Jack's tax basis in this stock was $$100,000.$ X corporation has current E&P of $$60,000,000$ and accumulated E&P of $$20,000,000.$ If X corporation redeems all of the stock from Jack's estate for $$50,000,000$ no gain or loss is recognized.

True

False