I think the Is keyword checks if an object is of a given type, at least that how it is used in C#.
If the same entity instance exists in both collection.
Then to find it in one collection of them just use the following:
int nIndex = Collection.IndexOf(entityToRemove)
This will return the index of the entity you want to remove, if it's found there.
And for boolean checking:
bool bFound = Collection.Contains(entityToRemove)