Jill owns $40$ shares of Z corporation's single class of stock of which it has $100$ shares outstanding. Unrelated parties own the other $60$ shares. On February $8$th of $2020$ Jill sells land to Z corporation for $$150,000.$ The land was previously held by Jill for investment and was purchased at a cost of $$200,000$ in $1999.$ Jill realizes and recognizes a long$-$term capital loss of $$50,000$ as a consequence of the sale.

True

False