Betty contributes appreciated property $($i$.$e$.,$ Adjusted Basis of $$65,000$ and Fair Market Value of $$100,000)$ to her business entity in a transaction which qualifies for nonrecognition of gain. Betty's ownership interest in the business entity is sixty percent $(60\%).$ The business entity later sells the appreciated property for $$110,000.$ The property is not depreciable. If the entity is a Partnership, Betty's share of the Income from the sale of the property by the Partnership is $$41,000.$

True

False