True or False

A foreign corporation that does not have nexus with NYS/NYC is a limited partner in a partnership that has nexus with NYS/NYC. The foreign corporation owns .08% interest in the partnership and its basis in the partnership is $500,000. The foreign corporation has NY receipts of $450,000.00 and the partnership has NY receipts of $550,000.00. The foreign corporation has nexus with NYS/NYC.