Jack transfers equipment FMV $$25,000$ with a tax basis of $$10,000$ into X corporation in exchange for $75$ shares of X corporation stock. Jill transfers land held for investment with a FMV of $$75,000$ and a tax basis of $$25,000$ in exchange for $25$ shares of X corporation stock. X corporation has $100$ shares outstanding. This transaction fails to satisfy section $351.$

True

False