Jack transfers his motorcycle on Craigslist to Jill in an exchange. The motorcycle has a tax basis of $$2,500.$ Jill transfers to Jack $$1,000$ cash and a French oven with a FMV of $$1,000$ and a tax basis of $$500.$ She also assumes $$3,000$ of Jack's AMEX debt. Jill's tax basis in the motorcycle is $$2,000$ in light of the debt assumed.

True or

False