X corporation has the following stock outstanding:

$1,000$ shares of Common A voting stock

$1,000$ shares of Common B voting stock

$1,000$ shares of Preferred A non$-$voting stock

$1,000$ shares of Preferred B non$-$voting stock.

Jack transfers property to X corporation in exchange for:

$600$ shares of Common A

$1,000$ shares of Common B

$600$ shares of Preferred A

$1,000$ shares of Preferred B

Jack has control as defined in section $368($c$)$ True or False