To pass a function to another function, leave the () off:
$.isFunction($.isFunction); // true!
When you write () you are calling the function, and using the result it returns. $.isFunction() with no argument returns false (because undefined isn't a function), so you are saying $.isFunction(false), which is, naturally, also false.
I wouldn't bother using isFunction merely to check for the existence of something, unless you suspect that someone might have assigned a non-function value to it for some reason. For pure existence-checking, use the in operator:
if ('isFunction' in $) { ...