Complex sentence: In 2005, "Imitation of Life" was selected for preservation in the United States National Film Registry, and it was named by "Time" in 2007 as one of "The 25 Most Important Films on Race".
Split into simpler sentences: In 2005, "Imitation of Life" was selected for preservation in the United States National Film Registry. It was named by "Time" in 2007 as one of "The 25 Most Important Films on Race".