True or False. Wade is a salesman for a real estate development company. Because he is the salesperson of the year, he is permitted to purchase a lot from the developer for $90,000. The fair market value of the lot is $150,000 and the developers adjusted basis is $100,000. Wade must recognize a gain of $10,000 ($100,000 developers adjusted basis $90,000 cost to Wade), and his adjusted basis for the lot is $100,000 ($90,000 cost + $10,000 recognized gain).