Jill owns $100$ shares of X corporation common stock with a total basis of $$10,000$ or $$100$ per share. This stock has been held for more than one year. X corporation has $100$ shares outstanding of common stock. X corporation has current E&P of $$50,000$ and accumulated E&P of $$25,000.$ X corporation distributes $$20,000$ to Jill and cancels $50$ of her shares. Jill has $$15,000$ of long$-$term capital gain in this transaction.

True or

False