Statutes, codes, and regulations
Consolidated Laws of New York
Chapter - GENERAL CITY MODELCITY BUSINESS TAXPart III - FINANCIAL CORPORATION TAX
Subpart 1 - TAX ON STATE BANKS, TRUST COMPANIES, FINANCIAL CORPORATIONS AND SAVINGS AND LOAN ASSOCIATIONS
Section 16 - Exchange of property when no gain or loss is realized

N.Y. General City Model Law § 16

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Current through 2024 NY Law Chapters 1-59 and 61-121
Section 16 - Exchange of property when no gain or loss is realized

When property is exchanged for other property and no gain or loss is realized under the provisions of the preceding section, the property received shall be treated as taking the place of the property exchanged therefor. Where no gain or loss is realized under the provisions of subdivision eleven of the preceding section, the basis of the property received shall be the same as it would be in the hands of the transferror determined in accordance with the provisions of section fourteen of this part.

N.Y. General City Model Law § 16