Question: If a shareholder contributes Land with an Adjusted Basis of $30,000 and a Fair Market Value of $100,000 to a Regular (C) Corporation in a transaction which qualifies for nonrecognition treatment under Section 351 of the Internal Revenue Code and the Corporation subsequently sells the Land for $100,000, none of the Recognized Gain of $70,000 is allocated to the contributing shareholder. O True O False